What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities plus crypto trading app that differentiates itself from similar apps by charging no fees.
A leading Canadian fintech company launched in Fall of 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has improved substantially over the last 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade single stocks and ETFs without needing to pay any commissions. The exception is when trading securities which are denominated in USD. In this case, they do charge a currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 per each trade with digital discount brokerages as was normal just a couple years past.
How Much Money do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow investors to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large min deposit amounts of $1000-$5,000. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade offers both registered and non-registered account types. You can select between both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app available on Apple and Google Play. The app makes the signup steps and trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). they’ve been doing business for more than 7 years and at this time employs about 600 folks. The primary owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to deposit to your new account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved to a chequing or savings account through the same steps.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers which allows anyone to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online for free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets one to recieve 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of different courses on different topics such as saving, investing, crypto, home buying and much more.
All of the above products, along with Wealthsimple Trade can be found on the mobile app and on the site with a single login.
How Can I Begin With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus offer to our audience you’ll get the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions About Nest Wealth Vs Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re looking for more specific answers relating to Wealthsimple Trade 90, check out the Wealthsimple site for answers to each your questions.