What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock plus crypto trading app that differentiates itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors to trade both stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks which are listed in USD currency. In this case, they do charge a currency conversion fee both when buying and selling. But, behind us are the times of having to pay $7-12 for each trade with discount brokerages as was the norm only a couple years ago.
How Much in Funds Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-$5,000. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app available on both Apple and Google Play. The app makes the enrollment process and also the trading of stocks and ETFs truly simple.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management . they’ve been doing business for more than 7 years and also employs roughly 600 people. The primary owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to deposit to your account. Just connect to a chequing or savings account to your Trade account, then add funds to your account in just a few steps. Deposits from your bank to Wealthsimple normally take a few days. Funds can the same way can be withdrawn your chequing or savings account by using the exact same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to E-transfers which allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your tax return online free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets you to earn 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different online courses on saving, investing, crypto, mortgages and more.
All of the above products, including Wealthsimple Trade can be accessed on the app and on the site with one login.
How Can I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus to our audience you’ll receive the cash value of a random share valued at up to $4,500 CAD as soon as you make an initial deposit to your account.
What if I Still Have Additional Questions About Options Trading Wealthsimple?
If this review still hasn’t given you the answers to all of your questions, and you’re still browsing for further answers relating to Wealthsimple Trade $3, check out the Wealthsimple website to find answers to each your questions.