What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock and crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in Fall of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has improved significantly over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade stand alone stocks and also ETFs without paying any fees. The exception to this is when you’re trading stocks and ETFs which are listed in USD. In that case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was normal a few years past.
How Much in Funds do I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and brokerages have sizeable min deposit amounts of 1K-5k. This makes it difficult for the every day investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has both registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available on IOS and Android. The app makes the signup phase and also the trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and at this time employs more than 600 people. The primary shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add money to your account. Simply connect the app to a chequing or savings account with your Trade account, then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can also be moved back to a chequing or savings account by using the exact same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-transfers which allows anyone to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online for free. It’s described as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a variety of online courses on saving, investing, crypto, mortgages and much more.
All of the listed products, including Wealthsimple Trade may be found on the app or on the website with one login.
How Can I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For a special registration bonus offer for our audience you’ll receive the equivalent cash value of a share worth $25 up to $4,500 CAD once you fund your account.
But What if I Still Have Additional Questions Related to Does Wealthsimple Have Options?
If this blog post didn’t answered each of your questions, and you’re still looking for more facts relating to Does Wealthsimple Have Options, go to the Wealthsimple website for answers to all your questions.