Wealthsimple Trade Index Funds: Complete Guide

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online Financial, stock plus crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees. 

A fintech company founded in Autumn 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the last eight years to include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors trade both single stocks and ETFs without paying commissions. The exception to this is when trading securities which are listed in USD. In this case, they charge a small currency conversion fee both when buying and selling. However, behind us are the days of having to pay more than $7 per each trade with digital discount brokerages as was the norm just a few years ago.

Exactly How Much Money do I Need to Have to Start Investing on Wealthsimple Trade?

Wealthsimple is cool in that they allow investors to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large min deposit amounts of 1K-5k. This makes it difficult for the common investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade has available both registered and non-registered account types. You may select both RRSP and TFSA accounts in the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both iOS and also Android. The mobile app makes the registration steps and trading of stocks and ETFs incredibly easy.

So Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD in Assets Under Management . These folks have been doing business for more than 7 years and also right now employs over 600 people. The primary shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it simple to add funds to a new account. Just connect a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from your bank to Wealthsimple typically take just a few days. Funds can also be withdrawn a chequing or savings accounts by the same method.

What Other Features and Products Are Available?

Wealthsimple Cash – An equivalent to Interac E-Transfers which allow one to quickly and efficiently send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination pre paid debit card and savings account that lets you to get 1% cashback on your spending, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of courses on saving, investing, crypto, home buying and more. 

Each of the above products, including Wealthsimple Trade can be accessed in the app and at the site with a single login.

But How Can I Start With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special registration bonus for our readers you’ll get the equivalent cash value of a stock worth up to $4,500 CAD when you deposit to your account.

What if I Still Have Questions About Using Wealthsimple For Crypto?

If this article didn’t given you the answers to each of your questions, and you’re browsing for additional answers relating to Wealthsimple Trade Index Funds, check out the Wealthsimple website to get answers to each your questions.