What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities and crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved significantly over the previous 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and ETFs without paying fees. The exception to this is when you’re trading securities that are denominated in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. But, past us are the times of paying more than $7 for each trade with digital discount brokerages as was normal just a few years past.
How Much Money do I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large initial deposit amounts of $1000-$5,000. This makes it tough for the every day new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade offers both registered and non-registered account types. You may choose between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on iOS and Google Play. The app makes the enrollment phase and trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . They have been in business for more than 7 years and at this time employs about 600 people. The main shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to a new account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can the same way can be withdrawn a chequing or savings account by the exact same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers that allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and file your tax return online free. It’s pitched to be easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets one to earn 1% cashback on your purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a variety of different online courses on different topics such as saving, investments, crypto, mortgages and more.
Each of the listed products, along with Wealthsimple Trade may be found in the app and from their website with your Wealthsimple login.
But How Can I Get Started With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll get the cash value of a Canadian stock valued at up to $4,500 Canadian once you make an initial deposit to your account.
But What if I Still Have Additional Questions About Wealthsimple Trading Company?
If this blog post didn’t answered each of your questions, and you’re searching for more answers about Wealthsimple Trading Company, check out the Wealthsimple website to get answers to every one of your questions.