What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in Fall of 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has changed significantly over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors trade both stand alone stocks and also ETFs without paying commissions. The exception is when you’re trading stocks which are displayed in USD currency. In this case, they charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay Upwards of $7 per each trade with online discount brokerages as was the norm only a couple years past.
Exactly How Much in Funds do I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of only $1. Most traditional banks and brokerages have large initial deposit amounts of 1K-5k. This makes it hard for the common investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered account types. You may select between both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on iOS and Android. The app makes the registration steps and also trading of stocks and ETFs very a breeze.
Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian in Assets Under Management . they’ve been expanding for more than 7 years and also right now employs roughly 600 folks. The primary shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to fund your account. Just connect the app to a chequing or savings account to your Trade account, and fund your account in simply a few steps. Deposits from banks to Wealthsimple typically take a few days. Funds can the same way can be moved to your chequing or savings account through the exact same method.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allow anyone to quickly and efficiently 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 for free. It’s described as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product that allows one to get 1% cashback on all your spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of courses on saving, investments, crypto, home buying and more.
All of the listed products, along with Wealthsimple Trade can be found within the mobile app or from their website with your Wealthsimple login.
How do I Begin With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus for our audience you’ll receive the cash value of a random stock valued at $25 up to $4,500 CAD as soon as you deposit to your account.
What if I Still Have Questions About Wealthsimple Tax?
If this review still hasn’t answered each of your questions, and you’re still looking for further specific facts relating to Wealthsimple Tax, go to the Wealthsimple website for answers to each your questions.