What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, securities plus crypto trading web app that sets itself apart from other apps by charging no fees.
A online financial services business launched in the Fall of 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved substantially over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade both single stocks and ETFs without needing to pay commissions. The exception to this is when trading securities that are denominated in USD. In this case, they charge a currency conversion fee when buying and selling. But, past us are the times of paying Upwards of $7 per trade with online discount brokerages as was the case a few years past.
Exactly How Much Cash Will I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large minimum deposit amounts of 1K-5K. This makes it difficult for the typical new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. You are able to select between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available on IOS and Google Play. The mobile app makes the signup phase and trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Legit?
. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). This company has been in business for more than 7 years and also employs roughly 600 Canadians. The main owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage operating in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to deposit to an account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can also be withdrawn a chequing or savings account with the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers that allows anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your taxes online for free. It’s described as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account that lets you to recieve 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of courses on saving, investments, crypto, home buying and more.
Each of the listed products, including Wealthsimple Trade can be found within the app and at the website with a single login.
How Should I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special registration bonus to our audience you will get the equivalent cash value of a random Canadian stock worth $25 up to $4,500 CAD when you deposit to your account.
So What if I Still Have Additional Questions About Bitbuy Vs Wealthsimple?
If this review still hasn’t answered all of your questions, and you’re still browsing for further information about Bitbuy Vs Wealthsimple, check out the Wealthsimple site to get answers to each your questions.