What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock plus crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A online financial services business launched in Autumn 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed substantially over the previous eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers to trade single stocks and also ETFs without paying fees. The exception is when you’re trading stocks and ETFs that are displayed in USD currency. In that case, they do charge a currency conversion fee when buying and selling. But, gone are the days of having to pay $7-12 for each trade with digital discount brokerages as was expected just a few years past.
How Much Money do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is awesome such that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and brokerages have sizeable minimum deposit amounts of 1k-$5000. This makes it impossible for the common new investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You may choose both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on Apple and also Google Play. The app makes the signup steps and also the trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). They have been operating for more than 7 years and also currently employs over 600 people. The majority shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add funds to an account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can just as easily be moved to a chequing or savings account with the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your taxes online for free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to earn 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of different courses on topics like saving, investments, crypto, real estate and more.
All of the listed products, along with Wealthsimple Trade can be accessed in the mobile app or from their website with a single login.
But How Can I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus to our readers you will receive the cash value of a stock worth $25 up to $4,500 CAD as soon as you deposit to your account.
What if I Still Have Questions About Wealthsimple Job Reviews?
If this blog post hasn’t given you the answers to all of your questions, and you’re looking for further specific facts about Wealthsimple Trade Account Fees, go to the Wealthsimple site to get answers to all your questions.