What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks and crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A fintech business founded in Fall 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved considerably over the last eight years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers to trade individual stocks and also ETFs without paying any fees. The exception to this is when you’re trading stocks and ETFs which are displayed in USD currency. In this case, they do charge a small currency conversion fee both when buying and selling. But, gone are the days of having to pay Upwards of $7 per trade with digital discount brokerages as was the norm only a couple years past.
Exactly How Much Cash do I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large min deposit amounts of $1000-5K. This makes it hard for the typical investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered account types. You can choose between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on both IOS and also Android. The app makes the registration phase and trading of stocks and ETFs truly a breeze.
Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is secure. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and currently employs over 600 folks. The controlling shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add money to a new account. Simply connect a chequing or savings account with your Trade account, and fund your account in only a few clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can also be moved back to your chequing or savings account by the same steps.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-transfers which allow you to quickly and easily transfer cash 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 pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets one to get 1% cashback on all your purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of different courses on different topics such as saving, investing, crypto, mortgages and more.
All of the listed features, along with Wealthsimple Trade can be found inside the mobile app or on their site with one login.
So How do I Begin Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive registration bonus to our audience you’ll get the equivalent cash value of a random stock worth $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Questions Related to Wealthsimple Trade?
If this review hasn’t answered all of your questions, and you’re still browsing for further facts about Wealthsimple Trade, visit the Wealthsimple website to find answers to each your questions.