What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock plus crypto trading app that sets itself apart from the competition by charging no fees.
A fintech business founded in the Autumn 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and also ETFs without having to pay any commissions. The exception is when you’re trading ETFs and stocks that are denominated in US Dollars. In this case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of paying Upwards of $7 per each trade with discount brokerages as was expected a couple years past.
How Much in Funds do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large min deposit amounts of 1K-5K. This makes it hard for the common new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. One can choose both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered on both iOS and also Google Play. The app makes the signup process and also trading of stocks and ETFs super painless.
Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). This company has been doing business for more than 7 years and at this time employs more than 600 people. The main shareholder is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to add funds to a new account. Simply connect to a chequing or savings account with your Trade account, then fund your account in just a few clicks. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can also be moved back to your chequing or savings account through the exact same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac E-Transfers which allow you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your taxes online free. It’s advertised as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that allows one to earn 1% cashback on your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of online courses on different topics such as saving, investments, crypto, mortgages and more.
Every one of the mentioned products, along with Wealthsimple Trade can be accessed in the app and from the website with one login.
So How Should I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive registration bonus to our audience you’ll receive the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Questions About Your Account Settings Are Incompatible Wealthsimple?
If this blog post still hasn’t answered each of your questions, and you’re looking for additional specific answers relating to Wealthsimple Trade Offer, visit the Wealthsimple website for answers to all your questions.