What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, securities plus crypto trading platform that distinguishes itself from the competition by charging no fees.
A Toronto, Ontario based online financial services business founded in the Fall 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has improved considerably over the past eight years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and ETFs without needing to pay any fees. The exception is when trading stocks and ETFs that are denominated in US Dollars. In that case, they charge a nominal currency conversion fee when buying and selling. But, past us are the days of having to pay $7-12 per each trade with discount brokerages as was common just a couple years past.
Exactly How Much Money Will I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large minimum deposit amounts of $1,000-$5,000. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has available both registered and non-CRA-registered account types. One may choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on IOS and also Android. The mobile app makes the registration process and also trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). They have been operating for more than 7 years and now employs about 600 people. The majority owner is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to deposit to an account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can also be withdrawn your chequing or savings account with the exact same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to E-Transfers that allow you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your taxes online free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets you to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a ton of different courses on saving, investments, crypto, mortgages and much more.
All of the mentioned products, along with Wealthsimple Trade can be accessed inside the app and from the website with a single login.
But How Can I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus for our readers you’ll get the equivalent cash value of a random stock worth up to $4,500 Canadian as soon as you make an initial deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Drip?
If this blog post still hasn’t answered each of your questions, and you’re looking for additional info relating to Wealthsimple Drip, check out the Wealthsimple site to find answers to each your questions.