What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities plus crypto trading platform that differentiates itself from other apps by charging no fees.
A Toronto, Ontario based fintech business founded in the Autumn of 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the last 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both single stocks and also ETFs without paying fees. The exception is when trading securities which are listed in USD currency. In this case, they charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay $7-12 per each trade with digital discount brokerages as was expected a couple years ago.
How Much Cash do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of 1k-5k. This makes it difficult for the typical investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-registered account types. You are able to select between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on iOS and Google Play. The smartphone app makes the registration steps and trading of stocks and ETFs very simple.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). This company has been doing business for more than 7 years and also now employs about 600 folks. The primary owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to deposit to an account. Simply connect a chequing or savings account with your Trade account, and add money to your account in simply a few steps. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can also be moved back to your chequing or savings accounts by the exact same steps.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your tax return online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows you to get 1% cashback on your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of different courses on different topics such as saving, investing, crypto, mortgages and much more.
Every one of the above features, including Wealthsimple Trade may be accessed in the mobile app and from their website with one login.
So How do I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special signup bonus to our readers you will get the equivalent cash value of a random share valued at $25 up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Trade Good?
If this review still hasn’t given you the answers to each of your questions, and you’re looking for more information about Wealthsimple Trade Good, check out the Wealthsimple site to get answers to every one of your questions.