Wealthsimple Trade Premium: Complete Guide

What is Wealthsimple?

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

A leading Canadian fintech business launched in the Fall 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has changed considerably over the previous eight years to include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets consumers to trade individual stocks and also ETFs without having to pay fees. The exception is when trading securities that are denominated in USD. In this case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the times of having to pay $7-12 per each trade with discount brokerages as was common just a couple years past.

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

Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have large min deposit amounts of 1k-5k. This makes it tough for the everyday new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade offers registered and non-registered account types. One are free to select between both RRSP and TFSA account types in the setup process. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app that is available on iOS and also Android. The smartphone app makes the enrollment phase and trading of stocks and ETFs super a breeze.

So Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and also right now employs more than 600 Canadians. The primary shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to a new account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take only a few days. Funds can just as easily be moved back to a chequing or savings accounts through the same steps.

What Other Benefits and Products Are Available?

Wealthsimple Cash – This is alternative to E-transfers which allows anyone to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for this tax season and file your taxes online free. It’s advertised as simple, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account that lets you to earn 1% cashback on all your purchases, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of courses on topics like saving, investing, crypto, real estate and much more. 

Each of the above features, along with Wealthsimple Trade can be accessed inside the app or at the website with one login.

But How Should I Start With Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. For a special signup bonus offer for our readers you will receive the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian when you deposit to your account.

So What if I Still Have Questions About Is Wealthsimple Good For Beginners?

If this review hasn’t given you the answers to all of your questions, and you’re still looking for more facts relating to Wealthsimple Trade Premium, check out the Wealthsimple website to find answers to each your questions.