What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock plus crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A fintech business founded in Fall of 2014 originally as a robo-advisor trading app called Wealthsimple Invest, it has changed significantly over the previous 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors to trade both stand alone stocks and ETFs without needing to pay commissions. The exception to this is when you’re trading stocks and ETFs which are listed in USD. In that case, they will charge a small currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 per trade with online discount brokerages as was normal a couple years ago.
How Much in Funds do I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You may select between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app offered to download on iOS and Android. The smartphone app makes the registration process and the trading of stocks and ETFs painless.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). they’ve been in business for more than 7 years and currently employs about 600 Canadians. The majority owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to fund your account. Just connect to a chequing or savings account to your Trade account, and add funds to your account in simply a few steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can also be moved to a chequing or savings accounts with the same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-Transfers which allows anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online for free. It’s described as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows one to get 1% cashback on your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of different online courses on different topics such as saving, investing, crypto, real estate and more.
All of the above features, along with Wealthsimple Trade can be found inside the mobile app or from their website with a single login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you will receive the cash value of a random stock worth up to $4,500 CAD when you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Risk Level 10?
If this review didn’t answered all of your questions, and you’re looking for more specific facts about Wealthsimple Risk Level 10, visit the Wealthsimple site to get answers to each your questions.