What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in Fall of 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has changed substantially over the previous eight years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows investors to trade single stocks and ETFs without paying commissions. The exception is when trading stocks and ETFs which are denominated in US Dollars. In which case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the times of paying Upwards of $7 for each trade with online discount brokerages as was the norm a few years ago.
How Much Money do I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of just $1. Most traditional banks and brokerages have large min deposit amounts of $1,000-5K. This makes it tough for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade has both registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available on iOS and Google Play. The mobile app makes the enrollment process and trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and also currently employs over 600 Canadians. The main owner is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to add money to your new account. Just connect the app to a chequing or savings account to your Trade account, and add money to your account in just a few clicks. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to your chequing or savings accounts by the exact same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to e-transfers that allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your taxes online free. It’s described as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that allows you to get 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of different courses on different topics such as saving, investing, crypto, real estate and more.
All of the mentioned features, along with Wealthsimple Trade may be found inside the mobile app and on their website with one login.
How do I Get Started Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special registration bonus to our audience you’ll receive the equivalent cash value of a random stock valued at $25 up to $4,500 CAD once you fund your account.
So What if I Still Have Additional Questions Related to Wealthsimple Trade Wiki?
If this review didn’t answered each of your questions, and you’re still browsing for more specific facts relating to Wealthsimple Trade Wiki, go to the Wealthsimple website to find answers to all your questions.