Wealthsimple Trade Inactivity Fee: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading app that differentiates itself from other apps by charging absolutely no fees. 

A leading Canadian fintech company founded in Autumn of twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved considerably over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows consumers to trade both single stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading stocks and ETFs that are displayed in US Dollars. In this case, they will charge a small currency conversion fee both when buying and selling. However, behind us are the days of having to pay $7-12 per trade with discount brokerages as was the case only a few years past.

Exactly How Much Cash do I Need to Have to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and discount brokerages have large initial deposit amounts of $1000-$5000. This makes it hard for the common investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade has available registered and non-registered account types. One can select between both RRSP and TFSA accounts during the setup phase. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app offered on both Apple and also Google Play. The smartphone app makes the enrollment steps and trading of stocks and ETFs super painless.

So Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and also employs over 600 people. The primary owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly simple to fund your account. Just connect the app to a chequing or savings account with your Trade account, and add money to your account in only a few steps. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can the same way can be moved to your chequing or savings account by using the same method.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to E-Transfers that allows you to quickly and simply send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for this tax season and file your tax return online for free. It’s described as easy, accurate and always totally free tax return filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to earn 1% cashback on your spending, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of courses on topics like saving, investing, crypto, home buying and more. 

All of the mentioned products, along with Wealthsimple Trade can be accessed on the app or at their website with one login.

How Can I Get Started With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. As a special signup bonus for our readers you’ll receive the equivalent cash value of a share worth $25 up to $4,500 Canadian when you add funds to your account.

So What if I Still Have Questions Related to Using Wealthsimple Trade?

If this article didn’t answered each of your questions, and you’re browsing for further specific information about Wealthsimple Trade Inactivity Fee, check out the Wealthsimple website to get answers to every one of your questions.