What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading app that distinguishes itself from its competitors by charging absolutely no fees.
A leading Canadian fintech company founded in the Autumn of twenty fourteen originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has changed considerably over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and also ETFs without needing to pay commissions. The exception is when trading ETFs and stocks that are listed in USD. In which case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying more than $7 for each trade with online discount brokerages as was normal just a couple years ago.
How Much Money do I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable initial deposit amounts of 1K-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade has available both CRA registered and non-registered account types. One may choose between both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both Apple and also Google Play. The mobile app makes the enrollment process and trading of stocks and ETFs simple.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). They have been expanding for more than 7 years and currently employs roughly 600 folks. The majority shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to add funds to an account. Just connect a chequing or savings account with your Trade account, and fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can the same way can be withdrawn a chequing or savings accounts through the exact same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your tax return online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product that allows you to get 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of different online courses on different topics such as saving, investing, crypto, mortgages and more.
Each of the above features, along with Wealthsimple Trade may be found within the mobile app and at their site with a single login.
So How do I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special signup bonus for our audience you’ll receive the cash value of a share valued at up to $4,500 CAD once you add funds to your account.
So What if I Still Have Questions Related to Eq Bank Vs Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still looking for further answers about Eq Bank Vs Wealthsimple, visit the Wealthsimple site to find answers to each your questions.