What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stocks and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A online financial services business launched in Fall twenty fourteen originally as a robo-advisor trading platform named Wealthsimple Invest, it has evolved considerably over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers trade both individual stocks and ETFs without having to pay any commissions. The exception is when trading stocks and ETFs which are displayed in USD. In this case, they do charge a small currency conversion fee when buying and selling. However, gone are the times of having to pay Upwards of $7 for each trade with digital discount brokerages as was the case a few years ago.
How Much Cash Will I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable minimum deposit amounts of $1,000-5k. This makes it tough for the every day new investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available registered and non-registered account types. You can choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on both Apple and also Google Play. The app makes the registration steps and trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . They have been doing business for more than 7 years and at this time employs more than 600 people. The main shareholder is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add money to your new account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be withdrawn your chequing or savings accounts through the same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers that allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your tax return online for free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows one to earn 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a variety of courses on different topics such as saving, investments, crypto, mortgages and much more.
All of the above products, along with Wealthsimple Trade can be accessed inside the mobile app and on the site with one login.
How do I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special signup bonus for our readers you will receive the cash value of a random stock worth $25 up to $4,500 CAD when you add funds to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Portfolios?
If this blog post hasn’t given you the answers to all of your questions, and you’re still looking for more specific answers about Wealthsimple Portfolios, go to the Wealthsimple website to find answers to all your questions.