What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities and crypto trading platform that differentiates itself from similar apps by charging no fees.
A fintech company launched in the Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed substantially over the last eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors to trade stand alone stocks and ETFs without paying fees. The exception is when trading stocks that are listed in US Dollars. In that case, they do charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay Upwards of $7 per each trade with discount brokerages as was the norm only a couple years past.
How Much Money do I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5000. This makes it hard for the common new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade offers registered and non-CRA-registered accounts. You may select between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on both iOS and Android. The smartphone app makes the signup steps and also the trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is legit. Wealthsimple has over 15 billion Canadian in Assets Under Management . This company has been operating for more than 7 years and currently employs over 600 folks. The primary owner is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage operating in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to deposit to your account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in only a few clicks. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can just as easily be moved to your chequing or savings account by using the same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-Transfers that allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and file your tax return online free. It’s pitched to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account which lets one to recieve 1% cashback on all your spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of different courses on saving, investments, crypto, mortgages and much more.
All of the above features, including Wealthsimple Trade may be accessed on the app or at their site with one login.
But How do I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you will receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD once you add funds to your account.
But What if I Still Have Questions About Personal Account Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still browsing for more specific facts relating to Personal Account Wealthsimple, visit the Wealthsimple website to get answers to every one of your questions.