Wealthsimple Trade For Beginners Reddit: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees. 

A online financial services company founded in Autumn of twenty fourteen exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has grown significantly over the past eight years to include Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows consumers trade both individual stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading securities that are listed in US Dollars. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 for each trade with digital discount brokerages as was the norm only a couple years ago.

Exactly How Much Cash Will I Need to Have in Order to Start With Wealthsimple Trade?

Wealthsimple is cool such that they allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large initial deposit amounts of 1K-5k. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA accounts in the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app offered to download on Apple and also Android. The app makes the signup steps and trading of stocks and ETFs very simple.

But Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and currently employs more than 600 people. The primary shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to an account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can the same way can be withdrawn a chequing or savings account by using the same process.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-Transfers which allow anyone to quickly and simply send cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax season and file your tax return online free. It’s advertised as easy, accurate and always free tax return filing.

Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to recieve 1% cashback on your everyday spending, and also get a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a variety of online courses on saving, investments, crypto, real estate and much more. 

Every one of the mentioned features, including Wealthsimple Trade may be found inside the app or on their site with a single login.

How do I Start With Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you’ll get the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian when you fund your account.

So What if I Still Have Additional Questions About Open Resp Wealthsimple?

If this review hasn’t given you the answers to each of your questions, and you’re still browsing for further answers about Wealthsimple Trade For Beginners Reddit, check out the Wealthsimple website to get answers to each your questions.