What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities and crypto trading platform that distinguishes itself from similar apps by charging absolutely no fees.
A leading Canadian fintech company founded in the Fall 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved substantially over the last 8 years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors to trade both single stocks and ETFs without needing to pay any commissions. The exception to this is when you’re trading stocks that are listed in USD. In this case, they charge a currency conversion fee both when buying and selling. However, gone are the days of paying Upwards of $7 per trade with online discount brokerages as was the case a couple years past.
Exactly How Much Money Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have large initial deposit amounts of $1,000-5k. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade has registered and non-CRA-registered accounts. One are free to choose both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available on both iOS and also Google Play. The app makes the enrollment process and also trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian of Assets Under Management . They have been operating for more than 7 years and right now employs over 600 people. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to fund an account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can also be moved to a chequing or savings account by using the exact same method.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to e-transfers that allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online free. It’s described as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to earn 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of different courses on different topics such as saving, investing, crypto, mortgages and more.
Every one of the listed features, along with Wealthsimple Trade may be accessed inside the mobile app or on their site with one login.
How Should I Begin Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As an exclusive signup bonus for our readers you will receive the equivalent cash value of a share valued at up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions Related to Alternatives To Wealthsimple?
If this review still hasn’t answered each of your questions, and you’re still searching for additional specific answers about Alternatives To Wealthsimple, go to the Wealthsimple website to find answers to all your questions.