What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stocks and crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A fintech company launched in Fall twenty fourteen originally as a robo advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the previous 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without paying fees. The exception is when trading securities that are listed in USD currency. In this case, they will charge a currency conversion fee both when buying and selling. However, past us are the days of having to pay more than $7 per trade with online discount brokerages as was the case only a few years past.
How Much Cash do I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large initial deposit amounts of $1000-5K. This makes it difficult for the normal investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You may choose between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on both iOS and Google Play. The app makes the signup steps and also the trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . They have been doing business for more than 7 years and right now employs more than 600 people. The majority owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to deposit to your account. Just connect the app to a chequing or savings account with your Trade account, and fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts with the same steps.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers that allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online free. It’s advertised to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which lets one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a ton of courses on topics like saving, investing, crypto, mortgages and more.
Each of the above features, including Wealthsimple Trade can be accessed inside the app and at the website with one login.
How Should I Begin With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special registration bonus offer to our audience you’ll receive the equivalent cash value of a random share worth $25 up to $4,500 CAD when you deposit to your account.
What if I Still Have Questions About Wealthsimple Business Account?
If this review hasn’t answered all of your questions, and you’re browsing for additional info relating to Wealthsimple Business Account, visit the Wealthsimple website to find answers to every one of your questions.