What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading platform that sets itself apart from similar apps by charging absolutely no fees.
A leading Canadian online financial services company launched in Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved considerably over the previous eight years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when trading stocks and ETFs which are listed in USD. In this case, they charge a nominal currency conversion fee both when buying and selling. However, gone are the days of having to pay Upwards of $7 per trade with online discount brokerages as was common just a few years past.
Exactly How Much Money do I Need to Start on Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large minimum deposit amounts of 1K-$5,000. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered to download on both Apple and also Android. The mobile app makes the enrollment steps and trading of stocks and ETFs super painless.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and also employs about 600 folks. The primary shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add funds to your account. Simply connect to a chequing or savings account with your Trade account, and fund your account in just a couple of clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be moved to your chequing or savings account by the same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-Transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and submit your tax return online for free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets one to earn 1% cashback on all your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a ton of online courses on topics like saving, investing, crypto, home buying and more.
Every one of the mentioned products, along with Wealthsimple Trade can be accessed within the app or at the site with your Wealthsimple login.
So How Should I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus for our readers you’ll receive the equivalent cash value of a stock worth up to $4,500 CAD as soon as you add funds to your account.
So What if I Still Have Questions Related to Coinbase Vs Wealthsimple?
If this review didn’t answered each of your questions, and you’re still searching for more info relating to Coinbase Vs Wealthsimple, check out the Wealthsimple website to find answers to every one of your questions.