What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock plus crypto trading app that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Autumn of twenty fourteen originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown substantially over the previous 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade single stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading ETFs and stocks that are denominated in US Dollars. In which case, they will charge a small currency conversion fee both when buying and selling. But, gone are the days of having to pay more than $7 per each trade with digital discount brokerages as was normal just a couple years past.
How Much Money Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable minimum deposit amounts of 1K-$5,000. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You may select between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both Apple and Google Play. The mobile app makes the registration phase and the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Legit?
. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and currently employs about 600 folks. The main shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to add funds to a new account. Just connect to a chequing or savings account with your Trade account, and add money to your account in only a few clicks. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can also be moved to your chequing or savings accounts using the exact same method.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to E-Transfers that allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your tax return online free. It’s pitched as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product that allows one to earn 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of online courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the mentioned products, including Wealthsimple Trade can be accessed inside the app and at the site with your Wealthsimple login.
So How Can I Get Started With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the cash value of a random stock worth up to $4,500 CAD once you make an initial deposit to your account.
But What if I Still Have Questions Concerning Fidelity Vs Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re still looking for more specific facts relating to Fidelity Vs Wealthsimple, check out the Wealthsimple site to find answers to every one of your questions.