What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading platform that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based online financial services company launched in the Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed substantially over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and also ETFs without having to pay fees. The exception is when you’re trading ETFs and stocks which are displayed in USD currency. In which case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the days of paying more than $7 for each trade with discount brokerages as was normal only a couple years ago.
Exactly How Much Cash Will I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it tough for the everyday new investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on IOS and also Android. The mobile app makes the signup phase and also the trading of stocks and ETFs very painless.
Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). These folks have been doing business for more than 7 years and now employs about 600 folks. The main owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to fund your account. Just connect the app to a chequing or savings account to your Trade account, and then add money to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take a couple of days. Funds can also be withdrawn a chequing or savings accounts by using the same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac e-Transfers that allows one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and file your taxes online free. It’s advertised to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to recieve 1% cashback on your purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a bunch of different online courses on different topics such as saving, investing, crypto, real estate and more.
All of the listed features, along with Wealthsimple Trade may be found on the mobile app or from the site with your Wealthsimple login.
So How Can I Begin Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the cash value of a Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions About Wealthsimple Sign Up Bonus?
If this blog post didn’t answered all of your questions, and you’re looking for more information about Wealthsimple Sign Up Bonus, visit the Wealthsimple site for answers to all your questions.