What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks plus crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian fintech business launched in the Fall 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the last eight years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers trade both individual stocks and also ETFs without paying any fees. The exception to this is when trading securities that are denominated in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. However, gone are the days of having to pay Upwards of $7 per trade with online discount brokerages as was expected just a few years ago.
How Much Money do I Need to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers registered and non-CRA-registered account types. You can choose between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered to download on both Apple and Google Play. The app makes the registration process and also trading of stocks and ETFs easy.
But Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management . they’ve been doing business for more than 7 years and also employs more than 600 people. The primary owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to deposit to a new account. Simply connect the app to a chequing or savings account to your Trade account, and then add money to your account in just a few clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can also be withdrawn your chequing or savings accounts using the exact same process.
Which Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-transfers that allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your tax return online for free. It’s described as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows one to earn 1% cashback on your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a ton of courses on saving, investments, crypto, real estate and much more.
All of the above features, along with Wealthsimple Trade may be accessed in the mobile app or on their website with a single login.
So How Should I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive registration bonus for our readers you’ll receive the equivalent cash value of a share valued at $25 up to $4,500 CAD once you fund your account.
What if I Still Have Questions Related to Wealthsimple Risk Level 4?
If this blog post didn’t answered each of your questions, and you’re browsing for more specific answers about Wealthsimple Risk Level 4, check out the Wealthsimple site to find answers to each your questions.