What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading app that differentiates itself from other apps by charging no fees.
A Toronto, Ontario based fintech business founded in Fall of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has changed considerably over the past 8 years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and ETFs without needing to pay fees. The exception is when you’re trading stocks which are listed in US Dollars. In this case, they will charge a currency conversion fee when buying and selling. However, past us are the times of paying more than $7 for each trade with online discount brokerages as was expected a few years past.
Exactly How Much Cash Will I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large initial deposit amounts of $1000-$5000. This makes it hard for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has registered and non-CRA-registered accounts. One may select both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered to download on iOS and Android. The app makes the signup phase and also the trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). This company has been operating for more than 7 years and also at this time employs roughly 600 Canadians. The controlling owner is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add funds to your new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can also be moved to your chequing or savings account with the exact same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers which allows anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online free. It’s pitched as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which lets one to earn 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of online courses on saving, investing, crypto, real estate and much more.
Every one of the listed products, including Wealthsimple Trade can be accessed within the mobile app and on the website with a single login.
How do I Start Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you’ll receive the cash value of a stock worth up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions Related to Wealthsimple Aum?
If this article hasn’t answered each of your questions, and you’re searching for further facts relating to Wealthsimple Aum, go to the Wealthsimple site to find answers to each your questions.