What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, securities and crypto trading web app that differentiates itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services business founded in Autumn 2014 originally as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has changed considerably over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without needing to pay any commissions. The exception is when trading ETFs and stocks that are denominated in USD. In which case, they charge a nominal currency conversion fee when buying and selling. However, gone are the times of paying Upwards of $7 for each trade with digital discount brokerages as was the case only a few years past.
Exactly How Much in Funds do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-$5,000. This makes it impossible for the typical new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has both CRA registered and non-registered accounts. One are able to select between both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on IOS and Google Play. The smartphone app makes the enrollment phase and also trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and now employs over 600 folks. The primary shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to fund an account. Just connect a chequing or savings account to your Trade account, then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can also be moved to your chequing or savings account by using the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and file your tax return online for free. It’s described as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows one to earn 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 includes a ton of online courses on saving, investments, crypto, real estate and much more.
Every one of the mentioned features, including Wealthsimple Trade may be found in the mobile app or on the website with one login.
So How do I Get Started With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special signup bonus to our audience you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 CAD when you make an initial deposit to your account.
But What if I Still Have Questions About Day Trading Wealthsimple?
If this blog post still hasn’t answered all of your questions, and you’re searching for additional specific information relating to Day Trading Wealthsimple, visit the Wealthsimple website for answers to every one of your questions.