What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based online financial services company founded in the Fall 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the past eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both stand alone stocks and ETFs without needing to pay fees. The exception is when you’re trading stocks that are displayed in US Dollars. In which case, they will charge a currency conversion fee both when buying and selling. But, behind us are the times of paying $7-12 for each trade with digital discount brokerages as was common a few years ago.
Exactly How Much Cash Will I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of 1k-5K. This makes it impossible for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. One are free to select between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available on IOS and Android. The smartphone app makes the signup steps and trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and currently employs over 600 Canadians. The main owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your new account. Just connect a chequing or savings account to your Trade account, and then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can just as easily be moved back to a chequing or savings accounts with the same steps.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to E-Transfers that allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your taxes online for free. It’s described as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows one to earn 1% cashback on your everyday purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of online courses on topics like saving, investments, crypto, home buying and more.
Each of the above features, along with Wealthsimple Trade may be accessed on the mobile app and on the site with one login.
But How Should I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special signup bonus to our readers you’ll get the equivalent cash value of a random stock worth up to $4,500 CAD when you deposit to your account.
So What if I Still Have Questions About Wealthsimple Savings Account?
If this blog post hasn’t answered all of your questions, and you’re still looking for additional specific answers about Wealthsimple Savings Account, visit the Wealthsimple site to get answers to each your questions.