What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock and crypto trading app that distinguishes itself from its competitors by charging absolutely no fees.
A online financial services company founded in the Autumn twenty fourteen exclusively as a robo advisor trading app named Wealthsimple Invest, it has changed substantially over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade individual stocks and also ETFs without having to pay commissions. The exception to this is when you’re trading stocks and ETFs which are displayed in USD. In this 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 normal a few years past.
Exactly How Much Cash do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-5K. This makes it hard for the typical new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has CRA registered and non-registered accounts. You are able to choose both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both Apple and also Android. The app makes the enrollment process and trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and also employs more than 600 folks. The controlling shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your account. Just connect a chequing or savings account with your Trade account, and fund your account in simply a couple of steps. Deposits from your bank to Wealthsimple typically take just a few days. Funds can also be moved back to a chequing or savings accounts by using the same process.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allow one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your tax return online for free. It’s described to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to earn 1% cashback on your purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a bunch of courses on different topics such as saving, investments, crypto, real estate and more.
Each of the mentioned features, along with Wealthsimple Trade can be accessed on the app and at the website with your Wealthsimple login.
So How do I Begin Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For a special signup bonus to our readers you will get the equivalent cash value of a Canadian stock valued at $25 up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions About Best Penny Stocks On Wealthsimple?
If this article hasn’t answered all of your questions, and you’re still looking for additional specific answers about Best Penny Stocks On Wealthsimple, check out the Wealthsimple site for answers to every one of your questions.