What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stocks and crypto trading platform that sets itself apart from similar apps by charging absolutely no fees.
A online financial services company founded in Autumn of 2014 exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has changed significantly over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers to trade both individual stocks and ETFs without needing to pay any fees. The exception is when trading stocks and ETFs which are denominated in US Dollars. In this case, they do charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay more than $7 for each trade with discount brokerages as was the norm just a couple years ago.
Exactly How Much Cash Will I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1K-$5,000. This makes it difficult for the every day new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-registered account types. You are able to select both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on both Apple and also Android. The smartphone app makes the enrollment process and trading of stocks and ETFs super easy.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and now employs about 600 people. The majority shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add money to an account. Simply connect to a chequing or savings account with your Trade account, and add money to your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts through the same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to e-Transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your tax return online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to get 1% cashback on all your purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of different courses on topics like saving, investing, crypto, home buying and much more.
Every one of the listed features, along with Wealthsimple Trade may be found inside the app and from the website with one login.
But How Should I Begin Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special signup bonus offer for our readers you will receive the equivalent cash value of a random share worth $25 up to $4,500 Canadian once you fund your account.
What if I Still Have Additional Questions Related to How Does Wealthsimple Trade Make Money?
If this article didn’t given you the answers to all of your questions, and you’re still browsing for more specific info relating to How Does Wealthsimple Trade Make Money, go to the Wealthsimple website to find answers to each your questions.