Wealthsimple Trade Auto Deposit: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online investing, securities and crypto trading platform that distinguishes itself from the competition by charging absolutely no fees. 

A leading Canadian fintech company founded in Autumn 2014 originally as a robo-advisor trading platform called Wealthsimple Invest, it has evolved significantly over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers trade single stocks and also ETFs without having to pay fees. The exception is when trading securities that are listed in USD. In that case, they do charge a currency conversion fee when buying and selling. But, past us are the days of paying more than $7 for each trade with online discount brokerages as was common just a couple years ago.

Exactly How Much Cash Will I Need in Order to Get Started on Wealthsimple Trade?

Wealthsimple is unique such that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of $1,000-$5000. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade has both registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app that is offered to download on iOS and also Google Play. The mobile app makes the registration process and also trading of stocks and ETFs very simple.

Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD in Assets Under Management . These folks have been in business for more than 7 years and also employs over 600 people. The primary owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage to operate in Canada.

So How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to add money to your new account. Just connect a chequing or savings account to your Trade account, then add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts with the same process.

Which Additional Features and Products Are Available?

Wealthsimple Cash – This is alternative to e-transfers that allow you to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax year and submit your taxes online for free. It’s described to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account which allows one to recieve 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of different courses on saving, investing, crypto, home buying and much more. 

Every one of the listed products, along with Wealthsimple Trade can be accessed in the mobile app and from the website with a single login.

So How Should I Start With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus to our audience you’ll get the equivalent cash value of a Canadian stock valued at $25 up to $4,500 Canadian as soon as you add funds to your account.

What if I Still Have Additional Questions Related to Wealthsimple Joint Account?

If this review still hasn’t given you the answers to each of your questions, and you’re still looking for additional specific info about Wealthsimple Trade Auto Deposit, visit the Wealthsimple site to find answers to each your questions.