Wealthsimple Trade 250: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stocks plus crypto trading app that sets itself apart from its competitors by charging absolutely no fees. 

A Toronto, Ontario based online financial services business founded in Autumn twenty fourteen exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the last eight years to feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets investors trade both individual stocks and ETFs without having to pay commissions. The exception to this is when you’re trading ETFs and stocks which are displayed in USD. In which case, they will charge a currency conversion fee when buying and selling. But, gone are the days of having to pay Upwards of $7 per trade with online discount brokerages as was expected a couple years ago.

Exactly How Much Cash Will I Need to Have in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large initial deposit amounts of 1K-5k. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade has available registered and non-registered account types. You are free to choose between both RRSP and TFSA accounts in the setup wizard. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app that is offered to download on both Apple and Google Play. The app makes the registration phase and the trading of stocks and ETFs very painless.

So Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). These folks have been expanding for more than 7 years and currently employs roughly 600 folks. The main shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to deposit to an account. Just connect to a chequing or savings account to your Trade account, and then add funds to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts through the same steps.

Which Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac e-transfers that allows one to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your taxes online free. It’s described as easy, accurate and always free tax filing.

Wealthsimple Spend – A hybrid pre paid visa and savings account that allows you to earn 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a ton of different online courses on saving, investments, crypto, mortgages and more. 

Every one of the above features, including Wealthsimple Trade can be found on the app or at the website with a single login.

But How do I Get Started Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you will get the cash value of a random stock valued at $25 up to $4,500 CAD when you fund your account.

So What if I Still Have Additional Questions Related to Moka Vs Wealthsimple?

If this blog post hasn’t given you the answers to each of your questions, and you’re browsing for more specific information relating to Wealthsimple Trade 250, go to the Wealthsimple website to get answers to every one of your questions.