What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in the Autumn 2014 originally as a robo advisor trading platform called Wealthsimple Invest, it has grown considerably over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers trade single stocks and ETFs without having to pay any fees. The exception is when trading stocks that are displayed in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. But, gone are the days of having to pay Upwards of $7 per each trade with online discount brokerages as was common only a couple years ago.
How Much in Funds do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it tough for the normal 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 TFSA Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-registered accounts. You may select between both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on Apple and Google Play. The mobile app makes the signup steps and also trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and also at this time employs about 600 people. The majority owner is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add funds to your account. Just connect the app to a chequing or savings account to your Trade account, then fund your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take a few days. Funds can also be moved to your chequing or savings account using the exact same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-Transfers that allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and submit your tax return online for free. It’s advertised as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to earn 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of different online courses on topics like saving, investing, crypto, home buying and more.
Each of the above features, including Wealthsimple Trade can be accessed in the mobile app or on the site with one login.
How do I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As an exclusive signup bonus to our readers you’ll get the cash value of a share valued at $25 up to $4,500 CAD once you add funds to your account.
What if I Still Have Questions Related to Best Crypto To Buy On Wealthsimple?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still browsing for more information about Wealthsimple Review Deposit, go to the Wealthsimple site to get answers to all your questions.