What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian fintech company launched in Fall twenty fourteen exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has improved significantly over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs that are denominated in USD. In this case, they charge a currency conversion fee both when buying and selling. But, behind us are the days of having to pay more than $7 per each trade with discount brokerages as was normal only a couple years ago.
Exactly How Much in Funds do I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large initial deposit amounts of 1k-5k. This makes it hard for the typical investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has both registered and non-CRA-registered accounts. One are free to select both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on iOS and Google Play. The app makes the signup steps and trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management . They have been operating for more than 7 years and at this time employs roughly 600 people. The controlling owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to fund an account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can also be moved to your chequing or savings accounts with the same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers which allows you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and submit your tax return online free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account that lets one to get 1% cashback on your spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of different courses on saving, investments, crypto, real estate and more.
All of the listed products, along with Wealthsimple Trade can be found inside the app or from the website with your Wealthsimple login.
How Can I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a random Canadian stock worth up to $4,500 Canadian as soon as you deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Alternatives?
If this review still hasn’t answered each of your questions, and you’re looking for more specific info relating to Wealthsimple Alternatives, visit the Wealthsimple website to get answers to every one of your questions.