What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A fintech company launched in Autumn of twenty fourteen originally as a robo-advisor trading app called Wealthsimple Invest, it has improved significantly over the past eight years to feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks and ETFs that are denominated in USD. In which case, they will charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay Upwards of $7 per each trade with digital discount brokerages as was expected a couple years ago.
How Much Money do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is unique in that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large initial deposit amounts of 1k-5k. This makes it tough for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on iOS and also Google Play. The smartphone app makes the registration process and trading of stocks and ETFs truly painless.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . They have been in business for more than 7 years and at this time employs over 600 Canadians. The controlling shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to deposit to an account. Simply connect the app to a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be moved to your chequing or savings accounts by the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers which allow anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and submit your taxes online free. It’s pitched to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows one to recieve 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of different online courses on saving, investments, crypto, home buying and more.
Each of the mentioned products, including Wealthsimple Trade may be accessed within the mobile app or on their website with one login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus for our audience you’ll receive the equivalent cash value of a random stock valued at $25 up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Fractional Shares?
If this article still hasn’t given you the answers to each of your questions, and you’re still browsing for more specific information relating to Wealthsimple Fractional Shares, check out the Wealthsimple site to find answers to every one of your questions.