What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading platform that sets itself apart from its competitors by charging no fees.
A Toronto, Ontario based fintech company launched in the Fall of 2014 exclusively as a robo-advisor 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 Kind of Fees?
Wealthsimple Trade lets Canadian investors to trade single stocks and ETFs without having to pay commissions. The exception to this is when trading stocks and ETFs that 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 days of having to pay $7-12 per trade with discount brokerages as was expected only a couple years past.
Exactly How Much in Funds Will I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of 1K-5K. This makes it hard for the common investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One are able to select both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on IOS and also Google Play. The mobile app makes the registration phase and also the trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management . These folks have been expanding for more than 7 years and now employs roughly 600 Canadians. The majority owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to deposit to a new account. Just connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a couple of clicks. Deposits from banks to Wealthsimple typically take just a few days. Funds can just as easily be withdrawn a chequing or savings accounts using the same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-Transfers which allow one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your taxes online for free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows you to earn 1% cashback on all your purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of online courses on different topics such as saving, investments, crypto, real estate and much more.
Each of the listed products, including Wealthsimple Trade can be found in the app and on their website with your Wealthsimple login.
But How Can I Start Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special signup bonus to our audience you will receive the cash value of a stock valued at $25 up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions About Is Wealthsimple Legit?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still browsing for more specific answers about Is Wealthsimple Legit, check out the Wealthsimple website to find answers to all your questions.