What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock plus crypto trading web app that distinguishes itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services business founded in Autumn 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved significantly over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and also ETFs without paying fees. The exception to this is when trading stocks and ETFs which are listed in USD. In that case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was common just a couple years past.
How Much in Funds do I Need to Start With Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of $1000-5k. This makes it tough for the common new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-registered accounts. You are able to choose both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on both IOS and also Google Play. The app makes the enrollment steps and also the trading of stocks and ETFs easy.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). This company has been doing business for more than 7 years and also currently employs over 600 Canadians. The controlling shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add money to a new account. Simply connect to a chequing or savings account with your Trade account, and add funds to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can the same way can be withdrawn your chequing or savings accounts using the same method.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-Transfers which allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online free. It’s described to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows you to get 1% cashback on your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of online courses on different topics such as saving, investments, crypto, mortgages and much more.
Each of the mentioned products, including Wealthsimple Trade can be accessed in the mobile app and from the site with a single login.
So How Can I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus to our readers you will get the equivalent cash value of a Canadian stock worth up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions Concerning Invest Wealthsimple?
If this review still hasn’t answered all of your questions, and you’re still searching for additional facts about Wealthsimple Trade Fees, visit the Wealthsimple website to get answers to every one of your questions.