What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading platform that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based fintech company founded in Fall 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has improved considerably over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade stand alone stocks and ETFs without paying any fees. The exception to this is when trading stocks which are displayed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, past us are the days of paying $7-12 per trade with discount brokerages as was common just a few years past.
How Much in Funds do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large min deposit amounts of $1,000-5k. This makes it impossible for the normal investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has available registered and non-CRA-registered account types. You are able to choose between both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on iOS and also Android. The mobile app makes the enrollment process and the trading of stocks and ETFs very a breeze.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and right now employs about 600 people. The main owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to deposit to your new account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in simply a few steps. Deposits from banks to Wealthsimple normally take just a few days. Funds can just as easily be moved back to your chequing or savings accounts by the same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers that allow one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and submit your taxes online free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows you to recieve 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of online courses on topics like saving, investments, crypto, home buying and more.
Every one of the above products, including Wealthsimple Trade can be accessed within the app or at their site with your Wealthsimple login.
But How Can I Begin With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you’ll receive the cash value of a share worth up to $4,500 CAD when you add funds to your account.
What if I Still Have Additional Questions Concerning Wealthsimple 0 Commission?
If this blog post hasn’t answered each of your questions, and you’re searching for further info about Wealthsimple Trade Personal Account, visit the Wealthsimple site to get answers to all your questions.