What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading app that distinguishes itself from similar apps by charging absolutely no fees.
A fintech company founded in Fall 2014 originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved considerably over the last eight years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers trade both single stocks and also ETFs without needing to pay any commissions. The exception is when trading stocks which are denominated in USD. In this case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the days of paying more than $7 for each trade with discount brokerages as was the norm only a few years ago.
Exactly How Much Cash do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large min deposit amounts of 1K-$5000. This makes it hard for the every day investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has available both registered and non-CRA-registered account types. One may select both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is offered on IOS and also Android. The mobile app makes the signup steps and also trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . They have been in business for more than 7 years and also now employs more than 600 people. The majority shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add funds to a new account. Simply connect to a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from banks to Wealthsimple normally take just a few days. Funds can also be withdrawn your chequing or savings accounts by the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-Transfers which allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online for free. It’s pitched as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to get 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of courses on saving, investments, crypto, mortgages and more.
All of the listed products, along with Wealthsimple Trade may be accessed in the app or on the site with a single login.
So How Can I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive registration bonus for our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Questions About Wealthsimple Safe?
If this review hasn’t answered each of your questions, and you’re looking for additional info about Wealthsimple Safe, visit the Wealthsimple site to find answers to every one of your questions.