Wealthsimple Trade How To Use: Complete Guide

What is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, stocks plus crypto trading platform that sets itself apart from similar apps by charging no fees. 

A Toronto, Ontario based online financial services business founded in Autumn 2014 originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has evolved significantly over the last 8 years to feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows Canadian investors trade both stand alone stocks and ETFs without paying any commissions. The exception is when trading stocks which are denominated in USD currency. In that case, they do charge a nominal currency conversion fee when buying and selling. However, behind us are the times of paying $7-12 per each trade with online discount brokerages as was expected a few years ago.

Exactly How Much in Funds Will I Need to Have to Get Started on Wealthsimple Trade?

Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and brokerages have large min deposit amounts of $1,000-$5,000. This makes it tough for the common new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One can choose between both RRSP and TFSA accounts in the setup phase. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on IOS and Android. The smartphone app makes the registration phase and trading of stocks and ETFs simple.

Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). These folks have been doing business for more than 7 years and now employs about 600 people. The main shareholder is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.

But How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite easy to deposit to an account. Just connect a chequing or savings account to your Trade account, then fund your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take just a few days. Funds can the same way can be moved back to a chequing or savings account by the same method.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An alternative to Interac e-Transfers which allow one to quickly and easily transfer money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings product that allows you to get 1% cashback on your purchases, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a variety of different online courses on different topics such as saving, investments, crypto, home buying and much more. 

Each of the mentioned products, along with Wealthsimple Trade can be found inside the mobile app or on the website with your Wealthsimple login.

But How do I Get Started Using Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. For a special registration bonus for our readers you will get the equivalent cash value of a stock valued at up to $4,500 CAD once you add funds to your account.

So What if I Still Have Questions Concerning Tax Documents Wealthsimple?

If this review hasn’t answered all of your questions, and you’re still browsing for additional specific information relating to Wealthsimple Trade How To Use, check out the Wealthsimple website to find answers to every one of your questions.