What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading web app that differentiates itself from the competition by charging no fees.
A leading Canadian online financial services company founded in Fall 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has improved substantially over the previous eight years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without paying any fees. The exception to this is when trading ETFs and stocks which are listed in US Dollars. In this case, they will charge a small currency conversion fee when buying and selling. However, gone are the days of paying $7-12 per each trade with discount brokerages as was the case only a couple years ago.
How Much in Funds do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large minimum deposit amounts of $1000-$5000. This makes it hard for the normal new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-registered account types. You may select both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on Apple and also Google Play. The smartphone app makes the enrollment phase and the trading of stocks and ETFs incredibly painless.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is secure. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). This company has been doing business for more than 7 years and at this time employs over 600 people. The primary shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to add money to your new account. Just connect a chequing or savings account with your Trade account, then add money to your account in only a few steps. Deposits from banks to Wealthsimple usually take a few days. Funds can just as easily be moved back to your chequing or savings account by the exact same method.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-transfers which allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and file your tax return online free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to earn 1% cashback on your spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a ton of courses on topics like saving, investments, crypto, real estate and more.
Every one of the listed products, along with Wealthsimple Trade may be found within the mobile app and from the website with one login.
How Should I Start Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus for our readers you will get the cash value of a random stock valued at $25 up to $4,500 Canadian as soon as you deposit to your account.
What if I Still Have Additional Questions Concerning Contact Wealthsimple?
If this review didn’t given you the answers to all of your questions, and you’re still searching for additional answers about Wealthsimple Review Glassdoor, go to the Wealthsimple website to get answers to all your questions.