What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading app that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based online financial services business launched in the Autumn 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has improved substantially over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade both individual stocks and also ETFs without having to pay any fees. The exception to this is when trading stocks and ETFs that are displayed in USD currency. In that case, they charge a currency conversion fee when buying and selling. But, gone are the days of having to pay more than $7 per trade with digital discount brokerages as was common a couple years ago.
Exactly How Much Cash do I Need to Start on Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large min deposit amounts of $1000-5k. This makes it impossible for the typical investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on both Apple and also Android. The app makes the registration steps and trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been doing business for more than 7 years and also employs more than 600 folks. The controlling owner is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to deposit to your new account. Just connect a chequing or savings account with your Trade account, then add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can also be moved to your chequing or savings accounts with the exact same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and submit your taxes online free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product that lets one to earn 1% cashback on your everyday spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of courses on saving, investing, crypto, home buying and much more.
Each of the above features, including Wealthsimple Trade can be found in the app and at their site with your Wealthsimple login.
So How do I Begin Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus to our audience you’ll receive the cash value of a Canadian stock worth up to $4,500 CAD when you deposit to your account.
So What if I Still Have Questions About Wealthsimple Trade Support?
If this review didn’t answered all of your questions, and you’re looking for more specific information relating to Wealthsimple Trade Support, go to the Wealthsimple website to find answers to each your questions.