What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities plus crypto trading web app that sets itself apart from its competitors by charging no fees.
A leading Canadian fintech company founded in Autumn of 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has improved considerably over the past eight years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors to trade individual stocks and also ETFs without having to pay commissions. The exception to this is when you’re trading securities which are displayed in US Dollars. In which case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the days of having to pay $7-12 per each trade with discount brokerages as was the case only a couple years past.
How Much Cash Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have large min deposit amounts of 1K-$5,000. This makes it difficult for the typical new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-registered accounts. You are free to select both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on IOS and Google Play. The mobile app makes the enrollment phase and also trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . They have been operating for more than 7 years and currently employs more than 600 folks. The majority owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to deposit to your account. Just connect to a chequing or savings account with your Trade account, and fund your account in only a couple of clicks. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can just as easily be moved back to your chequing or savings account by the exact same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow you to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and submit your taxes online free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to recieve 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a bunch of online courses on saving, investing, crypto, real estate and more.
Every one of the above products, along with Wealthsimple Trade may be found within the app or at their site with a single login.
But How Should I Begin With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you will receive the cash value of a random stock valued at up to $4,500 CAD when you fund your account.
What if I Still Have Questions About Wealthsimple Help?
If this review hasn’t answered each of your questions, and you’re browsing for additional specific answers about Wealthsimple Help, check out the Wealthsimple website to find answers to all your questions.