What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks and crypto trading platform that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based fintech company launched in the Fall of twenty fourteen exclusively as a robo advisor trading app named Wealthsimple Invest, it has grown significantly over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without needing to pay commissions. The exception is when you’re trading stocks and ETFs that are displayed in USD. In this case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 per each trade with online discount brokerages as was expected a couple years past.
How Much Cash do I Need to Get Started on Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it hard for the typical investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-registered accounts. You are free to choose both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on iOS and also Google Play. The mobile app makes the signup phase and trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management . This company has been in business for more than 7 years and also now employs about 600 Canadians. The controlling owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to fund your new account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in just a few steps. Deposits from your bank to Wealthsimple normally take only a few days. Funds can just as easily be withdrawn a chequing or savings accounts using the same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers that allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and file your taxes online for free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows you to get 1% cashback on all your spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of courses on different topics such as saving, investments, crypto, mortgages and much more.
Each of the listed features, including Wealthsimple Trade may be found in the mobile app and from their website with a single login.
But How Should I Start Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll get the equivalent cash value of a random stock worth up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Questions About Wealthsimple Cash?
If this article still hasn’t given you the answers to all of your questions, and you’re still searching for further facts relating to Wealthsimple Cash, check out the Wealthsimple site to find answers to all your questions.