Wealthsimple Trade How They Make Money: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, securities plus crypto trading app that differentiates itself from similar apps by charging no fees. 

A online financial services company founded in Fall of twenty fourteen exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has grown considerably over the previous 8 years to feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows consumers trade individual stocks and ETFs without having to pay any fees. The exception to this is when you’re trading stocks that are displayed in US Dollars. In that case, they charge a nominal currency conversion fee when buying and selling. But, gone are the days of having to pay more than $7 for each trade with online discount brokerages as was expected a few years past.

How Much Cash Will I Need in Order to Begin Investing With Wealthsimple Trade?

Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large minimum deposit amounts of 1K-5k. This makes it hard for the typical investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade offers registered and non-registered accounts. You are free to select both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on both Apple and Google Play. The smartphone app makes the registration steps and the trading of stocks and ETFs painless.

But Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). they’ve been expanding for more than 7 years and also currently employs about 600 Canadians. The majority owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.

But How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly easy to fund your account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in only a few clicks. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts by the exact same steps.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to e-transfers which allows one to quickly and simply send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for this tax year and file your taxes online free. It’s advertised to be simple, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account which lets you to get 1% cashback on all your purchases, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a bunch of courses on topics like saving, investments, crypto, mortgages and much more. 

Each of the mentioned products, including Wealthsimple Trade can be found in the mobile app or from the site with your Wealthsimple login.

But How Can I Get Started With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll get the equivalent cash value of a random share valued at $25 up to $4,500 CAD once you fund your account.

But What if I Still Have Questions About Wealthsimple Us Citizen?

If this review still hasn’t given you the answers to each of your questions, and you’re browsing for further information about Wealthsimple Trade How They Make Money, go to the Wealthsimple site for answers to all your questions.