What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stocks plus crypto trading app that distinguishes itself from similar apps by charging no fees.
A online financial services company launched in Fall of 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has improved substantially over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers to trade both individual stocks and also ETFs without having to pay any commissions. The exception is when you’re trading stocks which are listed in USD currency. In which case, they charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 for each trade with digital discount brokerages as was the norm a couple years past.
How Much Cash Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it difficult for the typical new investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on both Apple and Android. The smartphone app makes the signup process and trading of stocks and ETFs simple.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). they’ve been expanding for more than 7 years and currently employs about 600 people. The main owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to add funds to an account. Simply connect to a chequing or savings account with your Trade account, and fund your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be withdrawn a chequing or savings accounts by using the same steps.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-transfers that allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your taxes online free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows one to recieve 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of courses on topics like saving, investments, crypto, real estate and more.
Each of the mentioned features, including Wealthsimple Trade may be accessed inside the mobile app and at the site with a single login.
How Can I Start Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus for our audience you’ll receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 Canadian once you fund your account.
What if I Still Have Questions About Wealthsimple Etf?
If this article still hasn’t answered all of your questions, and you’re still browsing for further facts relating to Wealthsimple Etf, visit the Wealthsimple website to get answers to each your questions.