What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A fintech business launched in Fall 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved considerably over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade single stocks and ETFs without needing to pay fees. The exception to this is when you’re trading stocks that are displayed in USD currency. In which case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 for each trade with discount brokerages as was common only a couple years ago.
Exactly How Much Cash do I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have large initial deposit amounts of $1,000-5k. This makes it hard for the typical investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered on iOS and Google Play. The app makes the signup phase and the trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). These folks have been expanding for more than 7 years and also now employs over 600 Canadians. The main owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to fund your new account. Just connect to a chequing or savings account to your Trade account, and then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can the same way can be moved to a chequing or savings account using the same process.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-transfers which allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and submit your taxes online free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to get 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different online courses on topics like saving, investments, crypto, real estate and more.
All of the mentioned features, along with Wealthsimple Trade can be accessed on the app and at their website with a single login.
How Should I Begin Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special signup bonus for our readers you’ll get the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Additional Questions Related to Mint Wealthsimple Trade?
If this review didn’t answered each of your questions, and you’re still browsing for additional information relating to Wealthsimple Trade Reddit 2021, check out the Wealthsimple site to get answers to each your questions.