What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, securities and crypto trading web app that differentiates itself from other apps by charging no fees.
A Toronto, Ontario based fintech company founded in the Fall of twenty fourteen originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has grown substantially over the previous eight years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade both individual stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading ETFs and stocks that are displayed in USD currency. In which case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the times of paying more than $7 per trade with online discount brokerages as was common only a few years ago.
How Much Cash Will I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large initial deposit amounts of 1k-$5,000. This makes it impossible for the typical new investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has available both registered and non-registered account types. One can choose both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available to download on both Apple and Android. The smartphone app makes the signup steps and also the trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD in Assets Under Management . they’ve been expanding for more than 7 years and right now employs roughly 600 people. The primary shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to deposit to a new account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can also be withdrawn a chequing or savings accounts using the same process.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and file your tax return online free. It’s advertised to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa 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 – Wealthsimple’s free personal finance learning platform that includes a ton of courses on saving, investments, crypto, mortgages and more.
All of the listed products, including Wealthsimple Trade may be found within the app and on the site with a single login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you will get the equivalent cash value of a random stock worth $25 up to $4,500 CAD once you deposit to your account.
But What if I Still Have Questions About Questrade Vs Wealthsimple?
If this review hasn’t given you the answers to all of your questions, and you’re browsing for further specific facts relating to Questrade Vs Wealthsimple, go to the Wealthsimple website to find answers to every one of your questions.