What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock and crypto trading app that sets itself apart from other apps by charging no fees.
A leading Canadian online financial services company launched in Autumn of twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved substantially over the last eight years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets investors trade single stocks and ETFs without having to pay any commissions. The exception is when trading securities which are denominated in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. But, gone are the days of paying $7-12 for each trade with discount brokerages as was the case just a couple years past.
Exactly How Much Cash do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of $1000-5K. This makes it impossible for the typical investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade has both registered and non-CRA-registered accounts. You may choose between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on both iOS and Google Play. The smartphone app makes the registration process and trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). This company has been in business for more than 7 years and also currently employs roughly 600 Canadians. The primary owner is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to deposit to an account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in only a few steps. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to your chequing or savings accounts by the same method.
What Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-transfers which allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and file your taxes online for free. It’s described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to recieve 1% cashback on your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a bunch of different courses on different topics such as saving, investing, crypto, real estate and more.
Every one of the mentioned features, including Wealthsimple Trade may be accessed on the app and from their site with a single login.
How do I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special registration bonus offer to our audience you’ll get the equivalent cash value of a random Canadian stock valued at up to $4,500 Canadian when you make an initial deposit to your account.
So What if I Still Have Questions Related to Wealthsimple Generation?
If this blog post hasn’t given you the answers to each of your questions, and you’re looking for further answers about Wealthsimple Generation, check out the Wealthsimple website for answers to each your questions.