What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in Fall 2014 originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the last 8 years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets consumers trade both stand alone stocks and ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs that are listed in US Dollars. In this case, they charge a currency conversion fee when buying and selling. But, past us are the days of paying Upwards of $7 for each trade with digital discount brokerages as was the norm only a couple years past.
How Much Cash do I Need to Start With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large initial deposit amounts of $1,000-5K. This makes it tough for the every day new investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-registered accounts. You are able to choose between both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app available to download on IOS and Android. The smartphone app makes the enrollment process and trading of stocks and ETFs incredibly painless.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and currently employs roughly 600 Canadians. The primary shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to fund a new account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in only a few steps. Deposits from your bank to Wealthsimple typically take just a few days. Funds can also be moved to a chequing or savings account by using the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your taxes online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows one to earn 1% cashback on all your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of online courses on different topics such as saving, investments, crypto, mortgages and more.
Every one of the listed products, including Wealthsimple Trade may be accessed in the mobile app and on the website with your Wealthsimple login.
But How Should I Get Started With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll receive the equivalent cash value of a stock 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 Newsletter?
If this blog post still hasn’t given you the answers to all of your questions, and you’re looking for more specific facts about Wealthsimple Newsletter, go to the Wealthsimple website to get answers to all your questions.