What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, securities and crypto trading web app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Fall 2014 originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has changed substantially over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian investors to trade stand alone stocks and also ETFs without needing to pay any fees. The exception is when you’re trading ETFs and stocks that are listed in USD. In this case, they will charge a currency conversion fee when buying and selling. But, behind us are the days of having to pay Upwards of $7 for each trade with discount brokerages as was the case a couple years ago.
How Much Cash Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have large minimum deposit amounts of $1,000-5K. This makes it tough for the normal new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are free to choose both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available on both IOS and Android. The smartphone app makes the enrollment steps and also trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Safe?
. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . they’ve been doing business for more than 7 years and also currently employs roughly 600 folks. The controlling shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to add money to a new account. Simply connect a chequing or savings account to your Trade account, and then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can the same way can be moved back to your chequing or savings accounts through the same process.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allows one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and file your tax return online free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to earn 1% cashback on your spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a variety of different courses on different topics such as saving, investments, crypto, home buying and much more.
Each of the above products, along with Wealthsimple Trade can be found on the app or at their site with a single login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special registration bonus offer to our audience you will receive the cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you fund your account.
So What if I Still Have Additional Questions About Wealthsimple Card?
If this blog post hasn’t given you the answers to all of your questions, and you’re looking for further specific answers about Wealthsimple Review Fees, go to the Wealthsimple site to find answers to each your questions.