What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in the Autumn twenty fourteen exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown substantially over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade both single stocks and ETFs without paying fees. The exception to this is when you’re trading ETFs and stocks which are denominated in USD. In that case, they do charge a currency conversion fee when buying and selling. But, gone are the days of paying $7-12 per trade with discount brokerages as was the norm a few years ago.
How Much Money Will I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. Most alternative banks and brokerages have large initial 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 begin trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers 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 truly painless.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). They have been doing business for more than 7 years and also right now employs about 600 Canadians. The majority shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add money to your account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can just as easily be moved back to your chequing or savings account using the same steps.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow you to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online for free. It’s pitched to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that allows you to earn 1% cashback on all your spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of online courses on saving, investing, crypto, home buying and much more.
All of the listed products, including Wealthsimple Trade can be accessed on the mobile app or on their site with one login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you’ll get the cash value of a random Canadian stock valued at up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Faq?
If this article still hasn’t given you the answers to each of your questions, and you’re browsing for further information relating to Wealthsimple Faq, visit the Wealthsimple website for answers to each your questions.