What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in Autumn 2014 exclusively as a robo advisor trading platform named Wealthsimple Invest, it has changed substantially over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors to trade stand alone stocks and ETFs without having to pay any commissions. The exception is when you’re trading stocks and ETFs which are displayed in USD currency. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, gone are the times of paying $7-12 per each trade with discount brokerages as was the case only a couple years ago.
How Much in Funds do I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large initial deposit amounts of 1k-5k. This makes it difficult for the typical new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade offers both registered and non-CRA-registered account types. One can select both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on both IOS and Google Play. The smartphone app makes the enrollment process and the trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also at this time employs over 600 people. The primary owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to fund your new account. Simply connect to a chequing or savings account with your Trade account, and add funds to your account in only a few clicks. Deposits from your bank to Wealthsimple usually take a few days. Funds can just as easily be moved back to a chequing or savings accounts with the exact same process.
What Other Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers which allow anyone to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your tax return online for free. It’s pitched to be easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows you to earn 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a ton of courses on different topics such as saving, investing, crypto, mortgages and more.
All of the above products, along with Wealthsimple Trade can be found on the app and on their website with your Wealthsimple login.
So How Can I Begin Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll get the cash value of a random share worth up to $4,500 Canadian as soon as you add funds to your account.
But What if I Still Have Questions About Wealthsimple Yearly Returns?
If this blog post didn’t given you the answers to all of your questions, and you’re still searching for more answers relating to Wealthsimple Yearly Returns, go to the Wealthsimple website for answers to every one of your questions.