What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading app that distinguishes itself from similar apps by charging no fees.
A online financial services company founded in Autumn twenty fourteen originally as a robo advisor algorithmic trading app named Wealthsimple Invest, it has evolved significantly over the last eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks and ETFs that are displayed in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 for each trade with digital discount brokerages as was the norm a few years past.
Exactly How Much Money do I Need in Order to Start on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have sizeable initial deposit amounts of 1k-$5,000. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One may choose between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available on iOS and Android. The smartphone app makes the registration steps and also the trading of stocks and ETFs incredibly simple.
But Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and at this time employs more than 600 folks. The primary owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to fund an account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can just as easily be moved to a chequing or savings accounts by using the same steps.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and submit your taxes online for free. It’s advertised as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to get 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of different courses on topics like saving, investments, crypto, real estate and much more.
Every one of the mentioned products, including Wealthsimple Trade may be accessed within the app or from their website with a single login.
So How Can I Get Started With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus offer for our audience you’ll receive the cash value of a random share worth $25 up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions About Email Wealthsimple?
If this review hasn’t answered each of your questions, and you’re still looking for additional facts relating to Email Wealthsimple, check out the Wealthsimple website for answers to every one of your questions.