What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from similar apps by charging no fees.
A online financial services business founded in Fall of 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade both single stocks and also ETFs without paying fees. The exception is when you’re trading stocks which are denominated in US Dollars. In that case, they do charge a nominal currency conversion fee when buying and selling. However, behind us are the days of paying more than $7 per trade with discount brokerages as was the case just a few years ago.
Exactly How Much Money Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. Most alternative banks and brokerages have large initial deposit amounts of $1000-$5000. This makes it tough for the common investor to start. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You are able to choose between both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on both IOS and also Google Play. The smartphone app makes the registration process and also the trading of stocks and ETFs painless.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . they’ve been in business for more than 7 years and at this time employs more than 600 Canadians. The majority owner is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add funds to a new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in simply a couple of clicks. Deposits from your bank to Wealthsimple usually take only a few days. Funds can also be withdrawn a chequing or savings account with the exact same method.
What Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-transfers that allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your tax return online for free. It’s described as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that allows you to get 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of courses on different topics such as saving, investing, crypto, real estate and much more.
Each of the mentioned features, including Wealthsimple Trade can be found within the mobile app and on the site with a single login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special signup bonus offer to our readers you’ll receive the cash value of a random share valued at $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.
But What if I Still Have Additional Questions About Wealthsimple Investors?
If this review hasn’t answered each of your questions, and you’re still browsing for further specific answers relating to Wealthsimple Investors, visit the Wealthsimple website to get answers to every one of your questions.