What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading platform that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based online financial services business founded in the Autumn of twenty fourteen originally as a robo-advisor trading app called Wealthsimple Invest, it has improved considerably over the previous eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and also ETFs without needing to pay any fees. The exception is when trading securities which are denominated in USD. In this case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the times of having to pay Upwards of $7 per trade with digital discount brokerages as was the norm just a few years ago.
Exactly How Much Money Will I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of $1000-5k. This makes it hard for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-registered accounts. One are free to select both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on IOS and Android. The app makes the registration phase and trading of stocks and ETFs incredibly painless.
But Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management . they’ve been in business for more than 7 years and at this time employs more than 600 people. The controlling shareholder is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to deposit to your new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can the same way can be withdrawn your chequing or savings accounts through the exact same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-Transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your taxes online for free. It’s advertised to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which lets one to earn 1% cashback on all your purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of courses on different topics such as saving, investing, crypto, home buying and much more.
All of the above products, including Wealthsimple Trade may be accessed within the app or from their website with your Wealthsimple login.
How Should I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus to our readers you’ll get the cash value of a stock worth $25 up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions About Invest Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re still looking for additional specific info about Invest Wealthsimple, visit the Wealthsimple site to get answers to every one of your questions.