What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading platform that distinguishes itself from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Autumn of twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has evolved considerably over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without needing to pay any fees. The exception is when you’re trading stocks that are displayed in USD. In that case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay more than $7 per trade with online discount brokerages as was common only a few years ago.
Exactly How Much in Funds Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5,000. This makes it difficult for the every day new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available to download on IOS and also Google Play. The mobile app makes the registration steps and also trading of stocks and ETFs easy.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and now employs about 600 Canadians. The controlling owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to deposit to a new account. Simply connect the app to a chequing or savings account to your Trade account, and 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 moved back to your chequing or savings accounts with the exact same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac e-transfers which allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online for free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets you to recieve 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of different courses on topics like saving, investments, crypto, mortgages and more.
All of the above features, including Wealthsimple Trade can be found in the app or at their site with one login.
So How Can I Get Started With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you’ll get the cash value of a random Canadian stock worth up to $4,500 CAD as soon as you make an initial deposit to your account.
So What if I Still Have Questions About How To Use Wealthsimple Trade?
If this blog post didn’t answered each of your questions, and you’re browsing for more information relating to How To Use Wealthsimple Trade, go to the Wealthsimple website to find answers to all your questions.