What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading platform that distinguishes itself from the competition by charging no fees.
A Toronto, Ontario based fintech business launched in Autumn twenty fourteen originally as a robo-advisor trading app called Wealthsimple Invest, it has evolved substantially over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers trade individual stocks and ETFs without having to pay any fees. The exception to this is when trading stocks which are denominated in USD. In which case, they do charge a nominal currency conversion fee both when buying and selling. However, past us are the times of paying more than $7 for each trade with online discount brokerages as was the case only a couple years past.
How Much in Funds Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of 1k-$5000. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered account types. One may choose between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on iOS and Google Play. The app makes the registration process and also trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management . These folks have been operating for more than 7 years and employs more than 600 folks. The majority owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add money to your account. Just connect to a chequing or savings account with your Trade account, then fund your account in only a few clicks. Deposits from your bank to Wealthsimple usually take only a few days. Funds can just as easily be moved back to your chequing or savings account by using the same method.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online free. It’s pitched to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account which lets one to earn 1% cashback on your spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of different courses on saving, investing, crypto, mortgages and more.
Each of the listed features, including Wealthsimple Trade may be found inside the app and on their website with a single login.
How Should I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus for our readers you’ll receive the cash value of a random share valued at $25 up to $4,500 Canadian when you deposit to your account.
What if I Still Have Additional Questions Related to Buying Crypto On Wealthsimple Reddit?
If this blog post still hasn’t given you the answers to all of your questions, and you’re searching for further info about Buying Crypto On Wealthsimple Reddit, go to the Wealthsimple site to find answers to every one of your questions.