What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading app that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Fall of 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has improved considerably over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors to trade single stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks and ETFs that are denominated in US Dollars. In which case, they will charge a small currency conversion fee when buying and selling. However, gone are the days of paying $7-12 for each trade with digital discount brokerages as was the case only a few years ago.
How Much Cash do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large initial deposit amounts of 1k-5k. This makes it impossible for the normal new investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has registered and non-registered accounts. You are able to choose between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on both Apple and Google Play. The app makes the enrollment process and also the trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been doing business for more than 7 years and right now employs over 600 people. The controlling shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to deposit to your account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be moved back to your chequing or savings accounts using the same steps.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers that allows anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your tax return online free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to get 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different online courses on topics like saving, investing, crypto, mortgages and more.
All of the mentioned features, along with Wealthsimple Trade can be found on the mobile app and at the site with your Wealthsimple login.
How Can I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus for our audience you will get the cash value of a share valued at up to $4,500 CAD when you make an initial deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Review Fees?
If this blog post didn’t given you the answers to each of your questions, and you’re still looking for additional info about Wealthsimple Review Fees, check out the Wealthsimple site to find answers to every one of your questions.