What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks and crypto trading platform that distinguishes itself from the competition by charging no fees.
A Toronto, Ontario based fintech company launched in Autumn of 2014 originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has changed considerably over the past eight years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and ETFs without having to pay any commissions. The exception to this is when trading ETFs and stocks which are denominated in USD. In that case, they will charge a small currency conversion fee when buying and selling. But, gone are the times of paying $7-12 per trade with online discount brokerages as was common a few years past.
How Much in Funds Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have sizeable minimum deposit amounts of $1000-5k. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You can choose between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on both Apple and Android. The smartphone app makes the enrollment phase and trading of stocks and ETFs painless.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian of Assets Under Management (AUM). This company has been operating for more than 7 years and also now employs about 600 folks. The primary owner is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund an account. Simply connect the app to a chequing or savings account with your Trade account, and fund your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can also be moved back to a chequing or savings accounts by using the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-transfers which allows anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your tax return online free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets one to recieve 1% cashback on all your spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of different online courses on topics like saving, investments, crypto, mortgages and more.
Every one of the listed products, along with Wealthsimple Trade may be found in the mobile app or on their website with a single login.
But How Can I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you will receive the equivalent cash value of a random Canadian stock valued at up to $4,500 Canadian when you make an initial deposit to your account.
But What if I Still Have Questions Concerning Review Of Wealthsimple?
If this review didn’t given you the answers to each of your questions, and you’re looking for additional specific information about Review Of Wealthsimple, visit the Wealthsimple website to find answers to all your questions.