What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based online financial services company launched in Fall of twenty fourteen exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has improved considerably over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors to trade individual stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading stocks that are listed in USD currency. In which case, they charge a currency conversion fee both when buying and selling. But, behind us are the times of having to pay $7-12 for each trade with discount brokerages as was the norm just a few years past.
How Much Cash Will I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large initial deposit amounts of 1K-5K. This makes it difficult for the normal investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One can select both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on IOS and Google Play. The app makes the enrollment steps and also trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . This company has been operating for more than 7 years and right now employs over 600 folks. The main shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to an account. Just connect the app to a chequing or savings account with your Trade account, and add money to your account in just a couple of clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can the same way can be withdrawn a chequing or savings accounts using the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac E-transfers that allow one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and submit your taxes online for free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to recieve 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a variety of different online courses on saving, investing, crypto, real estate and more.
All of the listed features, along with Wealthsimple Trade may be accessed inside the app and on their site with one login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you’ll receive the cash value of a random share worth up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Additional Questions About Wealthsimple Gic Rates?
If this article still hasn’t given you the answers to all of your questions, and you’re still browsing for more information relating to Wealthsimple Gic Rates, visit the Wealthsimple website to get answers to every one of your questions.