Why Wealthsimple Trade Is Bad

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.

A fintech company founded in Fall of 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown substantially over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without paying fees. The exception to this is when you’re trading securities which are displayed in USD currency. In which case, they charge a nominal currency conversion fee both when buying and selling. But, gone are the times of paying $7-12 per each trade with online discount brokerages as was the case a few years past.

How Much Cash Will I Need in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have large initial deposit amounts of $1,000-$5000. This makes it hard for the common new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One are able to choose both RRSP and TFSA accounts during the setup wizard.

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on IOS and Google Play. The mobile app makes the signup process and trading of stocks and ETFs truly simple.

So Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and also right now employs about 600 Canadians. The majority owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.

So How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it easy to add funds to your account. Just connect the app to a chequing or savings account to your Trade account, and add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts through the same steps.

Which Additional Features and Products Are Available?

Wealthsimple Cash – An alternative to Interac e-transfers which allows one to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your tax return online for free. It’s described to be easy, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account that allows you to earn 1% cashback on all your spending, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of courses on saving, investing, crypto, real estate and much more.

All of the above features, including Wealthsimple Trade may be accessed inside the mobile app or from the site with your Wealthsimple login.

How do I Begin With Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. For an exclusive registration bonus to our readers you’ll get the equivalent cash value of a random Canadian stock worth up to $4,500 Canadian when you fund your account.

What if I Still Have Additional Questions Concerning Why Wealthsimple Trade Is Bad?

If this article still hasn’t answered all of your questions, and you’re browsing for more specific answers relating to Why Wealthsimple Trade Is Bad, visit the Wealthsimple site to find answers to every one of your questions.