What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading platform that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based fintech business launched in the Autumn of 2014 originally as a robo-advisor trading platform named Wealthsimple Invest, it has evolved significantly over the last 8 years to include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and also ETFs without having to pay fees. The exception is when you’re trading securities that are listed in USD. In this case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the times of having to pay $7-12 for each trade with online discount brokerages as was common a few years past.
How Much Money Will I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large minimum deposit amounts of $1,000-$5000. This makes it hard for the common new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers registered and non-CRA-registered accounts. One are free to choose between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available to download on Apple and Android. The mobile app makes the registration phase and also the trading of stocks and ETFs incredibly painless.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). they’ve been in business for more than 7 years and at this time employs more than 600 folks. The majority owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to add money to your new account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can also be moved to your chequing or savings account by using the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to E-transfers that allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and file your taxes online free. It’s advertised to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to get 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of courses on saving, investing, crypto, real estate and more.
All of the above products, including Wealthsimple Trade can be accessed inside the app or on their site with a single login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special registration bonus for our audience you will receive the equivalent cash value of a stock worth up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions About Zim Stock Wealthsimple?
If this review hasn’t answered all of your questions, and you’re browsing for more specific info relating to Zim Stock Wealthsimple, visit the Wealthsimple site for answers to every one of your questions.