- Rev.001-first posted on 2022-02-14
Wealthsimple is a Canadian company providing easy-to-use financial and investment services.
They provide 4 major apps:
- Wealthsimple Cash
- Wealthsimple Invest
- Weslthsimple Trade & Crypto and
- Wealthsimple Tax
This blog will focus on Wealthsimple Trade & Crypto App.
Wealthsimple is the very first stock brokerage App that does not charge commissions, meaning there is almost no fee when trading stocks.
The detailed benefits of Wealthsimple Trade App is as follows:
- No commission to trade Canadian stocks/ETF’s
- No commission to trade USD stocks/ETF’s, however there will be foreign exchange fees incurred
- Supports RRSP and TFSA accounts
- No other fees (monthly fee, opening/closing fee, withdraw fee, inactivity fee)
- Fractional trades available
- Trades can be executed both on App and on website
- Investment is insured by CIPF (Canadian Investor Protection Fund) up to 1,000,000
- Upgradable services such as
- Premium service: $3 a month for real time quotes and higher instant deposit limit
- Plus service: $10 a month to enjoy no foreign exchange fees
- Crypto Trading is also available on the same App
The disadvantage of Wealthsimple Trade App:
- Wealthsimple will not allow users to maintain USD in the accounts, so if a Canadian investor is keen in USD stocks it might be a bit troublesome to use Wealthsimple Trade App
If you are insterested, please consider using my referral code (LHKCOW) or referral link below to sign up Wealthsimple Trade App:
Some lucky users got Shopify or Amazon (see pic below) as bonus when signing up!
https://my.wealthsimple.com/app/public/trade-referral-signup?code=LHKCOW
