What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A leading Canadian fintech business launched in Autumn twenty fourteen exclusively as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved considerably over the previous 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without having to pay any commissions. The exception is when you’re trading stocks that are denominated in USD currency. In which case, they charge a currency conversion fee when buying and selling. However, behind us are the days of paying more than $7 per trade with digital discount brokerages as was expected only a couple years past.
Exactly How Much in Funds do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large min deposit amounts of $1000-5K. This makes it hard for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-registered account types. You are able to choose between both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is offered on iOS and also Android. The smartphone app makes the enrollment phase and trading of stocks and ETFs painless.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and at this time employs more than 600 people. The controlling shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to deposit to your new account. Just connect to a chequing or savings account to your Trade account, then add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can also be moved back to a chequing or savings accounts with the exact same method.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allows anyone to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets you to get 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of online courses on saving, investments, crypto, home buying and more.
Every one of the above products, along with Wealthsimple Trade may be found within the mobile app or from their website with a single login.
But How Can I Begin Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special signup bonus offer for our audience you will receive the equivalent cash value of a Canadian stock valued at $25 up to $4,500 CAD when you add funds to your account.
What if I Still Have Questions Concerning Wealthsimple Blog?
If this blog post hasn’t answered all of your questions, and you’re looking for further info about Wealthsimple Blog, visit the Wealthsimple site to get answers to every one of your questions.