What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks and crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A online financial services company founded in the Fall 2014 exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has evolved substantially over the past eight years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors trade single stocks and also ETFs without paying any fees. The exception to this is when trading stocks and ETFs which are displayed in US Dollars. In which case, they will charge a currency conversion fee both when buying and selling. However, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was the norm only a couple years past.
Exactly How Much Cash do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have quite large min deposit amounts of 1k-$5,000. This makes it hard for the everyday investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has both registered and non-CRA-registered accounts. You can choose both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on iOS and Android. The mobile app makes the signup steps and the trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). These folks have been in business for more than 7 years and employs roughly 600 Canadians. The main shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to fund your new account. Simply connect a chequing or savings account to your Trade account, and fund your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can the same way can be moved back to your chequing or savings account by using the exact same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers which allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to recieve 1% cashback on your purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of online courses on topics like saving, investing, crypto, mortgages and more.
Each of the listed features, along with Wealthsimple Trade can be found in the app and from their website with a single login.
But How Can I Begin Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD when you make an initial deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Trade Upcoming Features?
If this review still hasn’t given you the answers to each of your questions, and you’re browsing for further facts relating to Wealthsimple Trade Upcoming Features, check out the Wealthsimple website to find answers to each your questions.