What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities plus crypto trading platform that differentiates itself from other apps by charging no fees.
A leading Canadian online financial services company launched in Fall of twenty fourteen originally as a robo advisor trading platform named Wealthsimple Invest, it has grown substantially over the previous eight years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without needing to pay fees. The exception is when you’re trading stocks and ETFs that are listed in US Dollars. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the days of having to pay Upwards of $7 per each trade with digital discount brokerages as was normal only a couple years past.
How Much in Funds Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of just $1. Many traditional banks and brokerages have large min deposit amounts of 1K-$5000. This makes it tough for the normal new investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has both registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app available to download on IOS and also Android. The mobile app makes the enrollment steps and also the trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . This company has been doing business for more than 7 years and right now employs about 600 Canadians. The majority shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to fund your new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take a few days. Funds can just as easily be moved to a chequing or savings account using the same steps.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to E-Transfers that allows you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and file your tax return online for free. It’s advertised as simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows you to recieve 1% cashback on all your spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of online courses on different topics such as saving, investments, crypto, mortgages and more.
All of the mentioned products, including Wealthsimple Trade may be accessed on the app and from their website with a single login.
But How do I Get Started With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer for our audience you will receive the equivalent cash value of a stock worth up to $4,500 CAD as soon as you make an initial deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Non Resident?
If this blog post still hasn’t answered all of your questions, and you’re still browsing for further info about Wealthsimple Non Resident, go to the Wealthsimple site for answers to all your questions.