What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A leading Canadian online financial services business founded in Fall of 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved considerably over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade individual stocks and also ETFs without needing to pay commissions. The exception is when trading ETFs and stocks that are displayed in USD. In this case, they will charge a small currency conversion fee both when buying and selling. However, past us are the days of having to pay $7-12 for each trade with online discount brokerages as was the case a few years past.
How Much Money Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and brokerages have sizeable initial deposit amounts of 1k-$5,000. This makes it hard for the normal investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has registered and non-registered account types. You are free to choose between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app offered on both Apple and also Android. The smartphone app makes the registration steps and trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and also at this time employs more than 600 Canadians. The primary owner is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add funds to an account. Just connect a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can also be moved back to a chequing or savings accounts with the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-transfers which allow anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your tax return online for free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that lets one to earn 1% cashback on your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of different courses on saving, investments, crypto, mortgages and much more.
All of the above products, including Wealthsimple Trade may be accessed in the app and on the website with your Wealthsimple login.
How Can I Get Started With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus for our audience you’ll get the cash value of a stock worth $25 up to $4,500 CAD when you add funds to your account.
But What if I Still Have Additional Questions About Why Is Wealthsimple Free?
If this article hasn’t answered all of your questions, and you’re searching for additional specific facts about Why Is Wealthsimple Free, visit the Wealthsimple website to find answers to all your questions.