What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading web app that distinguishes itself from its competitors by charging no fees.
A Toronto, Ontario based fintech business founded in the Autumn twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved substantially over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and ETFs without needing to pay any fees. The exception to this is when you’re trading securities which are denominated in USD currency. In which case, they charge a nominal currency conversion fee when buying and selling. However, gone are the days of paying Upwards of $7 for each trade with discount brokerages as was common just a few years past.
Exactly How Much Cash Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1k-$5000. This makes it hard for the everyday investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-registered account types. One may select between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app available on both Apple and Android. The smartphone app makes the signup process and also trading of stocks and ETFs very simple.
So Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian in Assets Under Management . They have been expanding for more than 7 years and also right now employs about 600 Canadians. The main shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add funds to an account. Simply connect to a chequing or savings account with your Trade account, and add money to 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 to a chequing or savings accounts by using the same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allow anyone to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and submit your taxes online for free. It’s advertised as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to earn 1% cashback on all your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different courses on topics like saving, investing, crypto, real estate and much more.
All of the mentioned products, including Wealthsimple Trade can be found on the mobile app and from their site with your Wealthsimple login.
So How do I Begin With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you will get the cash value of a random stock worth up to $4,500 CAD when you add funds to your account.
But What if I Still Have Questions Concerning Is Wealthsimple Safe?
If this review hasn’t answered all of your questions, and you’re looking for more info relating to Is Wealthsimple Safe, check out the Wealthsimple website for answers to every one of your questions.