What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks plus crypto trading platform that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Fall of twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has grown significantly over the last 8 years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors to trade individual stocks and ETFs without paying commissions. The exception is when you’re trading securities that are listed in US Dollars. In this case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with discount brokerages as was the case only a couple years ago.
How Much Cash do I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have sizeable minimum deposit amounts of $1000-$5,000. This makes it tough for the common new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has available both registered and non-registered account types. You are free to select between both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available on iOS and also Android. The app makes the signup process and trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and also at this time employs more than 600 folks. The primary shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to fund an account. Just connect a chequing or savings account with your Trade account, and then fund your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take only a few days. Funds can also be withdrawn a chequing or savings accounts by the same steps.
Which Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers which allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and file your tax return online for free. It’s advertised to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows one to recieve 1% cashback on your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a variety of different online courses on different topics such as saving, investments, crypto, mortgages and much more.
All of the mentioned features, along with Wealthsimple Trade can be found on the mobile app and at the site with a single login.
But How Should I Begin Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive registration bonus to our readers you will receive the cash value of a random stock worth up to $4,500 Canadian when you add funds to your account.
What if I Still Have Questions Concerning Wealthsimple Stock?
If this review hasn’t given you the answers to all of your questions, and you’re still browsing for further specific info relating to Wealthsimple Stock, check out the Wealthsimple site to find answers to each your questions.