What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved considerably over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors to trade both individual stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading securities that are displayed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of paying more than $7 per trade with online discount brokerages as was expected a couple years past.
Exactly How Much in Funds do I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and brokerages have sizeable min deposit amounts of $1000-$5000. This makes it hard for the typical new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has CRA registered and non-registered account types. You may select between both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on iOS and also Android. The app makes the enrollment steps and the trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian in Assets Under Management . This company has been doing business for more than 7 years and currently employs roughly 600 folks. The majority shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to your account. Just connect the app to a chequing or savings account with your Trade account, then fund your account in only a couple of steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can just as easily be moved back to your chequing or savings accounts with the exact same process.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac E-transfers that allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your taxes online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows one to get 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a ton of different online courses on topics like saving, investments, crypto, home buying and much more.
All of the mentioned features, along with Wealthsimple Trade can be found in the app or on the site with your Wealthsimple login.
But How do I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the cash value of a random stock valued at up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Questions Related to Wealthsimple Work?
If this article hasn’t given you the answers to each of your questions, and you’re still looking for more specific facts relating to Wealthsimple Work, go to the Wealthsimple site to get answers to every one of your questions.