Wealthsimple Trade Pros And Cons: Complete Guide

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading app that sets itself apart from the competition by charging absolutely no fees. 

A leading Canadian online financial services company launched in Fall of 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has changed significantly over the past 8 years to also include Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and ETFs without paying any fees. The exception to this is when you’re trading stocks and ETFs which are listed in USD currency. In which case, they charge a small currency conversion fee when buying and selling. However, gone are the days of having to pay $7-12 for each trade with discount brokerages as was the norm only a few years ago.

Exactly How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?

Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have large minimum deposit amounts of 1k-5k. This makes it hard for the normal investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade offers registered and non-registered accounts. One can choose both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app that is offered on both iOS and also Android. The smartphone app makes the enrollment phase and also the trading of stocks and ETFs super simple.

So Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management . they’ve been operating for more than 7 years and also right now employs roughly 600 folks. The primary owner is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.

So How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so easy to deposit to your new account. Simply connect to a chequing or savings account to your Trade account, and add money to your account in only a few clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can also be moved to a chequing or savings account using the exact same method.

Which Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to e-transfers which allow anyone to quickly and efficiently send money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to recieve 1% cashback on all your spending, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of courses on topics like saving, investments, crypto, home buying and much more. 

Each of the above products, including Wealthsimple Trade can be accessed inside the app and at their website with one login.

So How do I Get Started With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As an exclusive registration bonus to our readers you will receive the equivalent cash value of a random share valued at $25 up to $4,500 Canadian once you deposit to your account.

What if I Still Have Additional Questions Related to Zfl Stock Wealthsimple?

If this review hasn’t answered each of your questions, and you’re still browsing for additional information relating to Wealthsimple Trade Pros And Cons, check out the Wealthsimple site to find answers to all your questions.