What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks plus crypto trading web app that differentiates itself from similar apps by charging no fees.
A fintech company founded in the Autumn 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved significantly over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and also ETFs without paying any fees. The exception is when you’re trading ETFs and stocks which are denominated in USD currency. In this case, they charge a small currency conversion fee when buying and selling. However, gone are the days of paying Upwards of $7 per trade with discount brokerages as was common just a few years past.
How Much Money Will I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have large minimum deposit amounts of 1k-5K. This makes it tough for the everyday new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has available both registered and non-registered account types. One can select between both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available to download on Apple and Google Play. The smartphone app makes the signup process and also the trading of stocks and ETFs truly simple.
Is Wealthsimple Trade Safe?
. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management (AUM). they’ve been expanding for more than 7 years and employs more than 600 folks. The controlling shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to add money to your account. Simply connect to a chequing or savings account to your Trade account, then add money to your account in simply a few steps. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can the same way can be withdrawn a chequing or savings account by using the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-transfers which allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online free. It’s pitched as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows you to earn 1% cashback on your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of courses on saving, investments, crypto, real estate and much more.
Each of the listed products, including Wealthsimple Trade can be found on the app and on the website with a single login.
How Can I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus to our readers you’ll get the equivalent cash value of a share worth up to $4,500 CAD as soon as you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Assets Under Management?
If this blog post still hasn’t given you the answers to all of your questions, and you’re looking for further specific information about Wealthsimple Assets Under Management, check out the Wealthsimple website to get answers to each your questions.