What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock and crypto trading app that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based fintech company founded in Autumn of 2014 originally as a robo advisor trading app called Wealthsimple Invest, it has grown significantly over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers trade single stocks and ETFs without having to pay any fees. The exception to this is when you’re trading stocks which are denominated in USD. In which case, they charge a small currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 for each trade with discount brokerages as was the norm a few years ago.
How Much in Funds do I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have sizeable initial deposit amounts of 1k-$5000. This makes it difficult for the everyday new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. One are able to choose both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on iOS and also Google Play. The smartphone app makes the enrollment phase and the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . They have been operating for more than 7 years and at this time employs more than 600 folks. The primary owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add money to your new account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can the same way can be moved to a chequing or savings accounts through the same method.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-Transfers which allow one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your taxes online for free. It’s described as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which lets you to recieve 1% cashback on your everyday spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of different courses on topics like saving, investments, crypto, mortgages and much more.
All of the mentioned products, along with Wealthsimple Trade may be found on the mobile app or from their website with one login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll get the cash value of a random stock valued at up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Foundation?
If this article didn’t answered each of your questions, and you’re still looking for further facts relating to Wealthsimple Foundation, visit the Wealthsimple site to find answers to every one of your questions.