What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock and crypto trading app that sets itself apart from its competitors by charging no fees.
A fintech business founded in Fall of twenty fourteen originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has improved substantially over the previous eight years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers trade individual stocks and also ETFs without paying fees. The exception is when you’re trading stocks and ETFs which are denominated in US Dollars. In which case, they will charge a nominal currency conversion fee when buying and selling. However, behind us are the times of having to pay more than $7 for each trade with digital discount brokerages as was the norm a few years ago.
How Much Cash do I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large min deposit amounts of $1,000-5K. This makes it hard for the common investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has available both registered and non-registered account types. One are free to choose both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered to download on iOS and Google Play. The smartphone app makes the enrollment steps and trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . This company has been operating for more than 7 years and also now employs more than 600 people. The controlling shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to fund an account. Just connect the app to a chequing or savings account with your Trade account, then fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can also be moved to your chequing or savings account by using the same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your tax return online for free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to earn 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of online courses on saving, investing, crypto, mortgages and more.
Every one of the listed features, along with Wealthsimple Trade may be found in the app or on their site with your Wealthsimple login.
How Should I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special signup bonus offer to our readers you will receive the equivalent cash value of a random share worth up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions Related to Wealthsimple Bank Account?
If this blog post didn’t answered each of your questions, and you’re looking for more facts about Wealthsimple Bank Account, visit the Wealthsimple site to get answers to each your questions.