Wealthsimple Trade Young And Thrifty: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading platform that differentiates itself from its competitors by charging no fees. 

A online financial services business founded in Fall of 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has grown considerably over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers to trade single stocks and ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs which are denominated in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with digital discount brokerages as was expected only a few years ago.

Exactly How Much Cash do I Need to Start Investing With Wealthsimple Trade?

Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large initial deposit amounts of $1,000-$5000. This makes it difficult for the normal new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Offer Registered Accounts?

Of course. Wealthsimple Trade has both registered and non-CRA-registered accounts. You may select both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app offered to download on both Apple and Google Play. The app makes the enrollment steps and trading of stocks and ETFs incredibly simple.

But Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). they’ve been operating for more than 7 years and also now employs over 600 people. The main owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.

How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so easy to add money to your account. Simply connect a chequing or savings account with your Trade account, and then fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can just as easily be moved to your chequing or savings account using the same process.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to Interac e-Transfers which allows you to quickly and efficiently transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your taxes online free. It’s advertised to be simple, accurate and always totally free tax return filing.

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

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

Each of the above products, including Wealthsimple Trade may be found within the app and on the website with your Wealthsimple login.

So How Can I Begin With Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus for our readers you will get the equivalent cash value of a random share valued at $25 up to $4,500 Canadian as soon as you add funds to your account.

What if I Still Have Additional Questions Concerning Wealthsimple Pros And Cons?

If this blog post hasn’t answered all of your questions, and you’re searching for additional info about Wealthsimple Trade Young And Thrifty, go to the Wealthsimple website to find answers to each your questions.