What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A leading Canadian fintech business launched in Autumn twenty fourteen exclusively as a robo advisor trading platform called Wealthsimple Invest, it has evolved significantly over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade both single stocks and also ETFs without having to pay commissions. The exception is when you’re trading securities that are denominated in US Dollars. In which case, they do charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of having to pay more than $7 for each trade with digital discount brokerages as was common just a few years ago.
Exactly How Much Money do I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is cool such that they allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large minimum deposit amounts of $1000-5k. This makes it difficult for the every day investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-registered account types. You can choose between both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered to download on both iOS and also Google Play. The smartphone app makes the registration process and also trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion Canadian in Assets Under Management (AUM). These folks have been expanding for more than 7 years and also currently employs more than 600 people. The controlling shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to fund your new account. Simply connect a chequing or savings account with your Trade account, then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take a few days. Funds can the same way can be moved back to your chequing or savings account using the same process.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac e-transfers that allow you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and submit your taxes online for free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows you to earn 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a variety of courses on saving, investments, crypto, real estate and much more.
All of the mentioned features, along with Wealthsimple Trade may be found in the app and on their website with one login.
So How Can I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus to our readers you will get the cash value of a Canadian stock worth up to $4,500 Canadian when you make an initial deposit to your account.
But What if I Still Have Questions Concerning Wealthsimple Bank?
If this blog post didn’t answered all of your questions, and you’re still searching for more answers relating to Wealthsimple Bank, check out the Wealthsimple site to get answers to each your questions.