What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock and crypto trading web app that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based online financial services business launched in Fall twenty fourteen originally as a robo advisor trading platform named Wealthsimple Invest, it has grown considerably over the past 8 years to feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors trade stand alone stocks and ETFs without needing to pay any fees. The exception to this is when trading stocks that are denominated in USD currency. In that case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the times of paying $7-12 per trade with discount brokerages as was expected only a couple years ago.
Exactly How Much Money do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large min deposit amounts of $1000-$5,000. This makes it impossible for the normal investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has both CRA registered and non-registered account types. One can select between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on Apple and also Android. The mobile app makes the registration phase and also the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). These folks have been in business for more than 7 years and at this time employs over 600 folks. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage operating in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to deposit to an account. Simply connect a chequing or savings account to your Trade account, and then add funds to your account in just a couple of steps. Deposits from your bank to Wealthsimple usually take only a few days. Funds can the same way can be moved to a chequing or savings account using the exact same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers which allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online for free. It’s pitched as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows one to earn 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of online courses on saving, investing, crypto, home buying and much more.
All of the above features, along with Wealthsimple Trade can be found within the app and from their site with one login.
So How Should I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special registration bonus to our audience you will get the cash value of a random stock worth up to $4,500 CAD when you fund your account.
What if I Still Have Additional Questions About Wealth Trade Vs Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still looking for additional specific facts about Wealth Trade Vs Wealthsimple, visit the Wealthsimple site for answers to all your questions.