Wealthsimple Trade Reddit: Complete Guide

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based fintech company launched in the Fall 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved significantly over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows Canadian consumers to trade both single stocks and also ETFs without needing to pay fees. The exception to this is when you’re trading securities that are listed in US Dollars. In this case, they charge a currency conversion fee when buying and selling. But, past us are the days of paying more than $7 for each trade with discount brokerages as was the case just a couple years past.

Exactly How Much Money Will I Need in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large initial deposit amounts of $1,000-$5,000. This makes it hard for the typical investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade has available both registered and non-CRA-registered account types. You are able to choose both RRSP and TFSA account types in the setup wizard. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app that is offered to download on both IOS and also Google Play. The mobile app makes the enrollment steps and also trading of stocks and ETFs truly easy.

But Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . This company has been expanding for more than 7 years and at this time employs about 600 Canadians. The majority shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly simple to deposit to a new account. Simply connect a chequing or savings account to your Trade account, and then add money to your account in only a few steps. Deposits from banks to Wealthsimple normally take just a few days. Funds can also be moved back to a chequing or savings accounts by the exact same steps.

What Other Benefits and Products Are Available?

Wealthsimple Cash – An equivalent to E-transfers that allows you to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax year and submit your tax return online free. It’s advertised as easy, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows one to get 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of courses on saving, investing, crypto, real estate and more. 

All of the listed products, along with Wealthsimple Trade may be accessed within the app and on the site with one login.

How do I Get Started Using Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll receive the cash value of a stock valued at up to $4,500 CAD once you deposit to your account.

But What if I Still Have Questions Concerning 100k In Wealthsimple?

If this blog post still hasn’t answered all of your questions, and you’re searching for additional answers relating to Wealthsimple Trade Reddit, visit the Wealthsimple website for answers to every one of your questions.