What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading app that distinguishes itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in Fall of 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has changed considerably over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors trade individual stocks and also ETFs without paying fees. The exception to this is when trading ETFs and stocks that are listed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per trade with discount brokerages as was common just a couple years ago.
How Much in Funds do I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large initial deposit amounts of 1K-$5,000. This makes it hard for the every day new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade has both registered and non-CRA-registered account types. One are free to choose both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on both Apple and Google Play. The mobile app makes the registration steps and also trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Legit?
. Wealthsimple Trade is secure. Wealthsimple has over 15 billion CAD in Assets Under Management . These folks have been doing business for more than 7 years and also currently employs over 600 Canadians. The majority shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage to operate in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add money to your new account. Just connect the app to a chequing or savings account to your Trade account, then add money to your account in only a couple of steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can just as easily be moved to a chequing or savings account by the same process.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers which allow one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your tax return online for free. It’s pitched as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to recieve 1% cashback on your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of different courses on topics like saving, investments, crypto, home buying and more.
Every one of the listed features, along with Wealthsimple Trade can be found inside the app and from their website with your Wealthsimple login.
How Can I Begin With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Additional Questions Concerning Apps Like Wealthsimple?
If this blog post still hasn’t answered all of your questions, and you’re still looking for additional info about Apps Like Wealthsimple, go to the Wealthsimple website to find answers to each your questions.