What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, securities plus crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in Fall of 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed significantly over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade both stand alone stocks and also ETFs without needing to pay any commissions. The exception is when trading ETFs and stocks which are listed in USD. In this case, they do charge a small currency conversion fee when buying and selling. But, past us are the times of having to pay more than $7 per trade with discount brokerages as was common only a couple years past.
Exactly How Much Money do I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is unique such that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have large initial deposit amounts of 1k-5k. This makes it hard for the every day new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app available to download on both iOS and Android. The mobile app makes the enrollment process and the trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management . they’ve been expanding for more than 7 years and right now employs more than 600 folks. The controlling shareholder is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to deposit to your account. Just connect to a chequing or savings account to your Trade account, then fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can just as easily be moved to your chequing or savings accounts using the exact same process.
What Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers which allow one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that allows one to get 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of courses on different topics such as saving, investments, crypto, real estate and much more.
All of the listed features, including Wealthsimple Trade can be accessed in the app and at the website with one login.
But How do I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special signup bonus to our readers you’ll receive the cash value of a stock valued at up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions About What Are Wealthsimple Fees?
If this review hasn’t given you the answers to each of your questions, and you’re still looking for further specific answers about What Are Wealthsimple Fees, check out the Wealthsimple site to find answers to all your questions.