What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities plus crypto trading web app that distinguishes itself from its competitors by charging no fees.
A fintech company founded in Autumn 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows investors to trade both individual stocks and ETFs without having to pay fees. The exception is when trading stocks that are listed in US Dollars. In this case, they charge a currency conversion fee both when buying and selling. However, behind us are the times of having to pay $7-12 for each trade with digital discount brokerages as was expected a few years past.
How Much Cash Will I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large minimum deposit amounts of 1k-5K. This makes it tough for the common investor to start. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available both registered and non-registered accounts. One may choose between both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is offered on both iOS and also Google Play. The smartphone app makes the enrollment process and also the trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management . they’ve been expanding for more than 7 years and currently employs over 600 folks. The primary shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to deposit to your account. Simply connect to a chequing or savings account with your Trade account, and then add money to your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved back to a chequing or savings accounts by the exact same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers which allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows you to earn 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a bunch of online courses on different topics such as saving, investing, crypto, real estate and more.
Each of the mentioned products, along with Wealthsimple Trade can be found within the app and on the website with your Wealthsimple login.
How do I Get Started With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the equivalent cash value of a stock worth up to $4,500 CAD as soon as you make an initial deposit to your account.
So What if I Still Have Additional Questions Related to File Taxes With Wealthsimple?
If this blog post hasn’t given you the answers to all of your questions, and you’re still searching for more information relating to File Taxes With Wealthsimple, visit the Wealthsimple website to find answers to each your questions.