What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading web app that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in Fall 2014 originally as a robo advisor automated trading platform named Wealthsimple Invest, it has changed significantly over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors to trade both single stocks and ETFs without paying any commissions. The exception is when trading securities which are listed in USD currency. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, gone are the days of paying more than $7 per trade with digital discount brokerages as was common a couple years past.
How Much Cash Will I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable initial deposit amounts of $1000-5K. This makes it impossible for the normal new investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-registered accounts. One may choose both RRSP and TFSA accounts in the setup process.
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 smartphone app makes the enrollment phase and also trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and now employs roughly 600 people. The main owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage to operate in Canada.
How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to add funds to your new account. Simply connect the app to a chequing or savings account with your Trade account, then add funds to your account in just a couple of steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can the same way can be moved back to a chequing or savings accounts with the same process.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers which allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online free. It’s pitched to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to get 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of different courses on saving, investing, crypto, mortgages and much more.
Each of the listed features, along with Wealthsimple Trade can be accessed within the mobile app or from their website with a single login.
How do I Begin With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special signup bonus offer to our audience you’ll get the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Additional Questions About Fractional Trading Wealthsimple?
If this review hasn’t answered all of your questions, and you’re still looking for more specific answers relating to Fractional Trading Wealthsimple, check out the Wealthsimple website to get answers to every one of your questions.