What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks plus crypto trading web app that differentiates itself from other apps by charging no fees.
A fintech business launched in Autumn of 2014 originally as a robo advisor automated trading platform named Wealthsimple Invest, it has grown significantly over the past eight years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors to trade single stocks and ETFs without paying fees. The exception to this is when you’re trading stocks which are displayed in USD. In this case, they will charge a currency conversion fee when buying and selling. But, past us are the times of paying more than $7 per trade with digital discount brokerages as was common just a few years past.
How Much Money Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large min deposit amounts of 1k-$5000. This makes it tough for the typical new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has available registered and non-registered accounts. You are able to choose both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is available on IOS and also Android. The mobile app makes the registration steps and trading of stocks and ETFs simple.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). they’ve been in business for more than 7 years and right now employs more than 600 folks. The majority owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add money to your new account. Just connect a chequing or savings account with your Trade account, and fund your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn a chequing or savings account through the exact same process.
What Other Features and Products Are Available?
Wealthsimple Cash – An alternative to e-Transfers that allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your tax return online free. It’s advertised as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets you to get 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of different courses on topics like saving, investing, crypto, mortgages and more.
Every one of the above features, including Wealthsimple Trade can be accessed inside the app and at their website with a single login.
How do I Begin With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special signup bonus offer for our readers you will receive the equivalent cash value of a stock worth $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Additional Questions Related to Wealthsimple America?
If this article hasn’t given you the answers to each of your questions, and you’re still searching for further facts relating to Wealthsimple America, go to the Wealthsimple site to find answers to every one of your questions.