What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading app that sets itself apart from similar apps by charging no fees.
A online financial services business launched in Fall of 2014 originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown substantially over the past 8 years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and also ETFs without paying fees. The exception to this is when trading stocks and ETFs which are denominated in US Dollars. In that case, they do charge a small currency conversion fee when buying and selling. However, gone are the days of paying $7-12 for each trade with online discount brokerages as was normal only a few years past.
How Much Cash do I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of $1,000-5k. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One are free to choose between both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available to download on Apple and also Google Play. The smartphone app makes the registration steps and also the trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and also currently employs about 600 people. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to fund a new account. Just connect the app to a chequing or savings account to your Trade account, and add money to your account in simply a few steps. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can also be withdrawn your chequing or savings accounts through the same method.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-Transfers that allow you 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 tax return online free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to get 1% cashback on your purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of online courses on different topics such as saving, investments, crypto, mortgages and more.
All of the listed products, including Wealthsimple Trade may be accessed on the mobile app and on their site with one login.
How Can I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you’ll get the cash value of a share worth up to $4,500 CAD once you deposit to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Trade Desktop?
If this article hasn’t answered all of your questions, and you’re searching for additional facts about Wealthsimple Trade Desktop, visit the Wealthsimple site to get answers to every one of your questions.