Why Can’t I Withdraw From Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading platform that sets itself apart from other apps by charging no fees. 

A online financial services company launched in the Autumn of 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved significantly over the last eight years to feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian investors trade individual stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading securities that are displayed in US Dollars. In that case, they charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per each trade with online discount brokerages as was normal only a few years ago.

How Much in Funds do I Need to Get Started With Wealthsimple Trade?

Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have large min deposit amounts of 1k-5k. This makes it difficult for the common new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

They do. Wealthsimple Trade has available CRA registered and non-registered account types. One can select both RRSP and TFSA account types during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app that is offered on both iOS and also Android. The app makes the enrollment steps and the trading of stocks and ETFs incredibly easy.

But Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD of Assets Under Management (AUM). These folks have been expanding for more than 7 years and now employs more than 600 people. The main owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.

But How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to add money to a new account. Just connect a chequing or savings account to your Trade account, then add funds to your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can the same way can be withdrawn your chequing or savings accounts by using the exact same method.

What Other Benefits and Products Are Available?

Wealthsimple Cash – This is alternative to Interac e-transfers which allow you to quickly and simply transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account which lets one to recieve 1% cashback on your everyday spending, as well as get a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of different courses on different topics such as saving, investing, crypto, home buying and much more. 

Each of the listed products, including Wealthsimple Trade can be accessed in the app or on the site with one login.

So How Should I Get Started Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As a special registration bonus for our audience you will receive the cash value of a random share valued at up to $4,500 Canadian once you add funds to your account.

So What if I Still Have Questions Related to Wealthsimple Power Corp?

If this article still hasn’t given you the answers to all of your questions, and you’re looking for additional answers about Why Can’t I Withdraw From Wealthsimple Trade, visit the Wealthsimple site to find answers to all your questions.