What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading platform that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based fintech business founded in the Autumn 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed significantly over the past eight years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade both individual stocks and ETFs without paying any commissions. The exception to this is when trading ETFs and stocks that are denominated in USD. In which case, they do charge a small currency conversion fee both when buying and selling. But, gone are the times of paying Upwards of $7 for each trade with online discount brokerages as was expected a few years ago.
Exactly How Much Cash do I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large minimum deposit amounts of $1000-5k. This makes it hard for the every day investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has available CRA registered and non-registered account types. One may choose both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available on both IOS and also Google Play. The smartphone app makes the registration process and also the trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . This company has been in business for more than 7 years and also right now employs about 600 Canadians. The controlling owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to fund your account. Just connect to a chequing or savings account to your Trade account, then add money to your account in just a couple of clicks. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can just as easily be moved to a chequing or savings account by using the exact same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-Transfers that allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your tax return online for free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that lets one to get 1% cashback on your purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of courses on topics like saving, investing, crypto, home buying and much more.
Every one of the above features, including Wealthsimple Trade can be accessed inside the mobile app or on their site with your Wealthsimple login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you’ll get the cash value of a Canadian stock worth $25 up to $4,500 CAD when you make an initial deposit to your account.
But What if I Still Have Questions About Premium Wealthsimple Trade?
If this blog post hasn’t given you the answers to each of your questions, and you’re still looking for further info relating to Premium Wealthsimple Trade, check out the Wealthsimple site for answers to every one of your questions.