What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading app that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Autumn twenty fourteen originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has improved considerably over the last eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors trade both stand alone stocks and ETFs without having to pay any fees. The exception to this is when trading securities that are listed in USD currency. In that case, they will charge a currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 for each trade with online discount brokerages as was normal a few years ago.
How Much in Funds Will I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of $1000-$5000. This makes it difficult for the typical investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You can select both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app offered on Apple and Android. The smartphone app makes the signup process and also trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). they’ve been expanding for more than 7 years and also employs roughly 600 folks. The primary shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to deposit to your new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in only a few steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can just as easily be moved back to your chequing or savings accounts by the same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers that allow one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your tax return online for free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows you to earn 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a bunch of online courses on saving, investing, crypto, mortgages and much more.
Every one of the listed products, along with Wealthsimple Trade may be accessed inside the mobile app or on their site with a single login.
How Should I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you will get the cash value of a share valued at $25 up to $4,500 Canadian when you deposit to your account.
So What if I Still Have Additional Questions About Wealthsimple App?
If this review still hasn’t answered each of your questions, and you’re searching for further facts about Wealthsimple App, check out the Wealthsimple website to get answers to every one of your questions.