What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading web app that distinguishes itself from other apps by charging no fees.
A Toronto, Ontario based online financial services company founded in the Fall of 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved substantially over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers to trade both individual stocks and ETFs without having to pay any fees. The exception to this is when trading ETFs and stocks that are denominated in USD currency. In this case, they charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay Upwards of $7 per each trade with digital discount brokerages as was normal only a few years ago.
How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large min deposit amounts of $1000-5K. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. One are able to select between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on both Apple and also Android. The app makes the signup process and also the trading of stocks and ETFs easy.
But Is Wealthsimple Trade Safe?
. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). This company has been expanding for more than 7 years and employs roughly 600 Canadians. The primary shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add funds to an account. Just connect the app to a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from your bank to Wealthsimple usually take just a few days. Funds can the same way can be moved to a chequing or savings account by the exact same steps.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your tax return online for free. It’s described as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product that lets you to earn 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of online courses on topics like saving, investing, crypto, home buying and more.
Every one of the above products, including Wealthsimple Trade can be found in the app and on the site with a single login.
But How do I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special signup bonus for our audience you will get the equivalent cash value of a random share valued at $25 up to $4,500 CAD once you add funds to your account.
What if I Still Have Questions Related to About Wealthsimple Trade?
If this review still hasn’t answered each of your questions, and you’re looking for additional answers about Wealthsimple Review Crypto, go to the Wealthsimple website for answers to every one of your questions.