What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks plus crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in Autumn of 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved substantially over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors to trade both individual stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading ETFs and stocks that are displayed in US Dollars. In this case, they will charge a currency conversion fee both when buying and selling. However, gone are the times of having to pay Upwards of $7 per trade with online discount brokerages as was the norm a couple years ago.
Exactly How Much Cash do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large initial deposit amounts of 1k-$5,000. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available CRA registered and non-registered account types. You are able to choose between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on both iOS and Google Play. The app makes the registration process and also the trading of stocks and ETFs painless.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD in Assets Under Management . they’ve been operating for more than 7 years and also now employs over 600 people. The main shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your new account. Simply connect a chequing or savings account to your Trade account, then fund your account in only a couple of clicks. Deposits from your bank to Wealthsimple usually take just a few days. Funds can also be withdrawn your chequing or savings account by the exact same method.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers that allow one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your tax return online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows one to earn 1% cashback on your everyday spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of different online courses on topics like saving, investing, crypto, real estate and much more.
Each of the mentioned products, along with Wealthsimple Trade may be accessed within the app or from their website with your Wealthsimple login.
So How do I Get Started Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you will get the equivalent cash value of a stock valued at up to $4,500 CAD as soon as you deposit to your account.
So What if I Still Have Questions Concerning How To Trade On Wealthsimple?
If this blog post still hasn’t answered all of your questions, and you’re still looking for more specific info relating to How To Trade On Wealthsimple, go to the Wealthsimple site to get answers to all your questions.