What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities and crypto trading platform that differentiates itself from other apps by charging no fees.
A leading Canadian fintech business launched in Fall 2014 exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed substantially over the previous 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors trade both single stocks and also ETFs without having to pay any commissions. The exception is when you’re trading ETFs and stocks that are listed in US Dollars. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying $7-12 for each trade with digital discount brokerages as was the norm a couple years past.
Exactly How Much in Funds Will I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large min deposit amounts of 1K-5K. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-registered account types. You may select both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on Apple and Android. The app makes the enrollment process and also trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and also right now employs roughly 600 Canadians. The main shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to deposit to an account. Just connect the app to a chequing or savings account to your Trade account, and add funds to your account in only a couple of clicks. Deposits from banks to Wealthsimple typically take a few days. Funds can just as easily be moved to a chequing or savings account by the same method.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-transfers which allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online free. It’s described as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that lets you to get 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of courses on saving, investing, crypto, home buying and more.
Each of the listed features, including Wealthsimple Trade may be found on the mobile app or from their website with a single login.
So How Should I Begin With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As an exclusive signup bonus for our readers you will receive the equivalent cash value of a stock valued at up to $4,500 CAD as soon as you fund your account.
So What if I Still Have Questions Related to Can Wealthsimple Be Hacked?
If this blog post still hasn’t answered all of your questions, and you’re browsing for more facts relating to Wealthsimple Trade Watchlist, visit the Wealthsimple website to find answers to all your questions.