What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock and crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Fall of 2014 originally as a robo-advisor automated trading platform named Wealthsimple Invest, it has improved substantially over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors to trade stand alone stocks and also ETFs without having to pay commissions. The exception to this is when trading ETFs and stocks which are listed in US Dollars. In this case, they will charge a small currency conversion fee both when buying and selling. However, gone are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was normal only a few years past.
Exactly How Much in Funds Will I Need to Start Investing 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 sizeable initial deposit amounts of $1,000-5k. This makes it tough for the common new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers both registered and non-registered account types. One can select both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered to download on both iOS and Android. The smartphone app makes the registration phase and also trading of stocks and ETFs incredibly painless.
So Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and right now employs more than 600 folks. The primary shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add money to your account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts through the exact same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your tax return online free. It’s advertised as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to earn 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of courses on topics like saving, investments, crypto, mortgages and much more.
Every one of the listed features, including Wealthsimple Trade may be accessed in the app and from the site with a single login.
But How do I Begin Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus to our audience you will get the equivalent cash value of a random share worth up to $4,500 CAD when you deposit to your account.
So What if I Still Have Questions Concerning Fees Wealthsimple?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still browsing for further info about Wealthsimple User Review, visit the Wealthsimple site to find answers to every one of your questions.