What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading app that sets itself apart from other apps by charging no fees.
A online financial services business founded in Fall of 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has changed considerably over the previous eight years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and also ETFs without having to pay commissions. The exception to this is when trading stocks that are listed in USD currency. In that case, they do charge a nominal currency conversion fee both when buying and selling. However, gone are the days of paying Upwards of $7 for each trade with online discount brokerages as was normal a few years ago.
Exactly How Much Cash Will I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large min deposit amounts of 1k-$5000. This makes it difficult for the normal investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered accounts. One are free to choose between both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available on both Apple and also Google Play. The mobile app makes the signup process and trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . These folks have been expanding for more than 7 years and at this time employs roughly 600 people. The main owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to deposit to a new account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be moved back to your chequing or savings accounts by the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to e-Transfers which allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and file your tax return online for free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that allows one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a ton of courses on topics like saving, investing, crypto, mortgages and much more.
Each of the mentioned products, including Wealthsimple Trade may be accessed inside the app or on the website with a single login.
So How do I Begin Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special signup bonus offer to our audience you’ll get the equivalent cash value of a stock valued at up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Investors?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still looking for further facts relating to Wealthsimple Trade, go to the Wealthsimple site for answers to all your questions.