What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock and crypto trading app that distinguishes itself from similar apps by charging no fees.
A online financial services company founded in Autumn of 2014 originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian investors to trade stand alone stocks and also ETFs without paying commissions. The exception to this is when trading stocks and ETFs that are listed in US Dollars. In this case, they charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of having to pay Upwards of $7 per trade with discount brokerages as was expected only a couple years past.
Exactly How Much in Funds Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable initial deposit amounts of $1000-5k. This makes it difficult for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. You are able to choose both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both iOS and also Android. The mobile app makes the registration phase and the trading of stocks and ETFs super easy.
So Is Wealthsimple Trade Legit?
. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). This company has been expanding for more than 7 years and also at this time employs over 600 people. The main shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add funds to an account. Just connect to a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can just as easily be moved back to a chequing or savings account by the same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your tax return online for free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which lets one to get 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of different online courses on saving, investments, crypto, mortgages and more.
All of the mentioned features, including Wealthsimple Trade may be accessed on the app and on their website with a single login.
So How Can I Get Started With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian when you add funds to your account.
What if I Still Have Questions Concerning How To Trade Options On Wealthsimple?
If this article hasn’t answered all of your questions, and you’re still browsing for more information about How To Trade Options On Wealthsimple, check out the Wealthsimple website for answers to each your questions.