What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock and crypto trading app that differentiates itself from its competitors by charging no fees.
A leading Canadian online financial services business founded in Autumn of 2014 exclusively as a robo advisor trading app called Wealthsimple Invest, it has improved significantly over the past 8 years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and ETFs without needing to pay commissions. The exception is when trading stocks that are displayed in US Dollars. In this case, they will charge a small currency conversion fee when buying and selling. However, behind us are the days of having to pay more than $7 per each trade with online discount brokerages as was the case only a couple years past.
Exactly How Much in Funds do I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large min deposit amounts of 1K-5k. This makes it tough for the every day new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One can select between both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered to download on IOS and also Google Play. The mobile app makes the signup process and also the trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). This company has been in business for more than 7 years and right now employs more than 600 folks. The main owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to deposit to your new account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can the same way can be moved back to your chequing or savings accounts through the same process.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to 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 this tax year and submit your tax return online free. It’s advertised to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets you to get 1% cashback on your purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on topics like saving, investments, crypto, mortgages and more.
Each of the above features, along with Wealthsimple Trade can be found on the app or at the website with your Wealthsimple login.
How Can I Begin Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus offer for our readers you will receive the equivalent cash value of a random share valued at $25 up to $4,500 CAD as soon as you deposit to your account.
What if I Still Have Questions Concerning Fees Wealthsimple?
If this blog post didn’t given you the answers to each of your questions, and you’re still searching for additional specific information about Fees Wealthsimple, check out the Wealthsimple site to get answers to every one of your questions.