Wealthsimple Stock Trading Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stocks plus crypto trading platform that distinguishes itself from its competitors by charging no fees. 

A leading Canadian online financial services company founded in the Autumn twenty fourteen exclusively as a robo advisor automated trading app named Wealthsimple Invest, it has changed significantly over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors to trade both single stocks and also ETFs without having to pay any fees. The exception to this is when trading stocks and ETFs which are displayed in USD. In this case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the times of paying $7-12 per trade with online discount brokerages as was expected a couple years past.

How Much Cash Will I Need to Start Investing With Wealthsimple Trade?

Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of $1000-5K. This makes it difficult for the normal new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade offers registered and non-CRA-registered accounts. You are able to select both RRSP and TFSA account types during the setup phase. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app available to download on both IOS and also Google Play. The mobile app makes the enrollment phase and also the trading of stocks and ETFs super painless.

So Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management . This company has been in business for more than 7 years and employs more than 600 folks. The majority shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.

How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it simple to add money to your account. Simply connect the app to a chequing or savings account with your Trade account, and fund your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can the same way can be withdrawn your chequing or savings account with the exact same method.

Which Additional Features and Products Are Available?

Wealthsimple Cash – This is alternative to e-transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax year and submit your tax return online free. It’s pitched to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings product that allows one to recieve 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of courses on different topics such as saving, investing, crypto, real estate and much more. 

All of the mentioned products, along with Wealthsimple Trade may be accessed within the mobile app or from their website with a single login.

But How Should I Get Started Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special signup bonus offer to our readers you’ll get the cash value of a stock valued at $25 up to $4,500 Canadian when you fund your account.

So What if I Still Have Additional Questions Concerning Wealthsimple For Us?

If this blog post hasn’t given you the answers to each of your questions, and you’re browsing for further answers relating to Wealthsimple Stock Trading Review, check out the Wealthsimple site to get answers to each your questions.