What Is Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees. 

A leading Canadian online financial services business launched in the Autumn 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has evolved substantially over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors trade both stand alone stocks and ETFs without having to pay any commissions. The exception is when you’re trading stocks and ETFs that are denominated in USD. In this case, they will charge a currency conversion fee when buying and selling. However, gone are the days of paying more than $7 per each trade with discount brokerages as was the norm just a couple years ago.

How Much Money do I Need to Have to Start on Wealthsimple Trade?

Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large minimum deposit amounts of $1,000-5k. This makes it impossible for the everyday new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

It does. Wealthsimple Trade has available registered and non-registered accounts. You are able to choose between both RRSP and TFSA account types in the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app that is available on IOS and Google Play. The smartphone app makes the enrollment steps and also the trading of stocks and ETFs super a breeze.

Is Wealthsimple Trade Secure?

Yes. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and also employs over 600 folks. The primary owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.

So How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very easy to add money to your account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can also be withdrawn a chequing or savings account with the exact same process.

What Additional Features and Products Are Available?

Wealthsimple Cash – An alternative to e-Transfers which allow you to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your tax return online free. It’s pitched as simple, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account which allows one to recieve 1% cashback on your everyday spending, and also earn a competitive 1.5% interest on savings.

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

All of the mentioned products, along with Wealthsimple Trade can be found on the mobile app and at their website with one login.

How do I Start With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special signup bonus offer for our audience you will get the equivalent cash value of a Canadian stock worth up to $4,500 CAD once you fund your account.

What if I Still Have Questions Related to Wealthsimple 941?

If this blog post still hasn’t given you the answers to all of your questions, and you’re still looking for further specific answers relating to What Is Wealthsimple Trade, go to the Wealthsimple site to get answers to every one of your questions.