What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock and crypto trading platform that sets itself apart from similar apps by charging absolutely no fees.
A fintech company founded in Autumn of 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers trade individual stocks and ETFs without having to pay any fees. The exception to this is when trading ETFs and stocks which are denominated in USD currency. In which case, they will charge a currency conversion fee both when buying and selling. However, gone are the times of paying more than $7 for each trade with online discount brokerages as was normal only a few years ago.
Exactly How Much Cash Will I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large minimum deposit amounts of 1K-5K. This makes it impossible for the every day investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available both registered and non-CRA-registered accounts. One can choose both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on iOS and also Android. The app makes the enrollment steps and the trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and right now employs about 600 folks. The controlling owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add funds to your new account. Just connect a chequing or savings account with your Trade account, then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can also be moved to your chequing or savings accounts by the exact same steps.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-transfers which allows you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your tax return online free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows one to get 1% cashback on all your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different courses on different topics such as saving, investing, crypto, mortgages and more.
Every one of the above products, including Wealthsimple Trade may be accessed in the mobile app and from their website with your Wealthsimple login.
But How do I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special registration bonus to our readers you will receive the cash value of a stock valued at up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Questions About Is Wealthsimple Crypto A Wallet?
If this review still hasn’t given you the answers to all of your questions, and you’re still looking for further specific information about Is Wealthsimple Crypto A Wallet, check out the Wealthsimple website for answers to each your questions.