What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees.
A leading Canadian fintech business launched in the Fall twenty fourteen exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has improved significantly over the last 8 years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and also ETFs without needing to pay commissions. The exception is when trading stocks and ETFs that are listed in USD currency. In that case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of having to pay $7-12 per each trade with online discount brokerages as was normal just a few years past.
Exactly How Much Cash Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable minimum deposit amounts of $1000-5K. This makes it tough for the common new investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One are free to select both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available on both Apple and also Google Play. The mobile app makes the signup phase and trading of stocks and ETFs easy.
Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD of Assets Under Management . These folks have been in business for more than 7 years and also employs roughly 600 Canadians. The majority owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add funds to your account. Just connect a chequing or savings account with your Trade account, and add money to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved back to a chequing or savings accounts through the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to e-transfers that allows one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your tax return online free. It’s described as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account that lets one to earn 1% cashback on your spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of courses on topics like saving, investments, crypto, real estate and much more.
All of the listed products, along with Wealthsimple Trade may be accessed within the mobile app or at the website with one login.
But How Can I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special registration bonus to our audience you’ll get the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian when you fund your account.
What if I Still Have Additional Questions Related to Wealthsimple Day Trading?
If this article didn’t answered each of your questions, and you’re browsing for more specific information about Wealthsimple Day Trading, visit the Wealthsimple site for answers to all your questions.