What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock plus crypto trading app that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Fall of twenty fourteen originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has evolved substantially over the previous eight years to include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers trade both individual stocks and ETFs without having to pay any commissions. The exception is when you’re trading stocks that are listed in USD. In which case, they do charge a currency conversion fee when buying and selling. But, behind us are the times of having to pay Upwards of $7 per trade with discount brokerages as was common just a few years past.
Exactly How Much in Funds Will I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of $1,000-$5000. This makes it hard for the every day new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered to download on both IOS and Google Play. The smartphone app makes the enrollment process and also trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and currently employs roughly 600 Canadians. The controlling shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to deposit to your new account. Just connect to a chequing or savings account with your Trade account, and fund your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can just as easily be withdrawn a chequing or savings account by the same process.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-transfers which allow you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and file your taxes online free. It’s pitched to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to recieve 1% cashback on your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of online courses on topics like saving, investing, crypto, real estate and much more.
Each of the above products, along with Wealthsimple Trade may be accessed inside the app and from their site with your Wealthsimple login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus to our audience you will get the cash value of a random share valued at $25 up to $4,500 CAD once you add funds to your account.
What if I Still Have Additional Questions Related to Can You Day Trade On Wealthsimple?
If this review didn’t given you the answers to all of your questions, and you’re still searching for further specific answers about Can You Day Trade On Wealthsimple, go to the Wealthsimple website to get answers to every one of your questions.