What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities plus crypto trading web app that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in Fall twenty fourteen originally as a robo advisor trading app named Wealthsimple Invest, it has evolved significantly over the past 8 years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers trade stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when trading securities that are displayed in US Dollars. In this case, they will charge a small currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 for each trade with online discount brokerages as was expected only a couple years ago.
Exactly How Much Cash do I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large min deposit amounts of 1K-5K. This makes it tough for the common investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You may select both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered to download on both IOS and Google Play. The app makes the enrollment steps and also trading of stocks and ETFs easy.
But Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . This company has been in business for more than 7 years and right now employs more than 600 Canadians. The controlling shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to a new account. Just connect a chequing or savings account with your Trade account, and fund your account in just a few steps. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can the same way can be moved back to a chequing or savings accounts by the same steps.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac e-transfers that allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online for free. It’s described as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which allows you to earn 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of different courses on saving, investments, crypto, mortgages and much more.
Every one of the mentioned products, including Wealthsimple Trade may be accessed inside the mobile app or at their website with one login.
So How do I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For an exclusive signup bonus for our readers you will receive the cash value of a random stock worth $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.
What if I Still Have Questions About Is Wealthsimple Trade Safe?
If this article hasn’t given you the answers to each of your questions, and you’re browsing for additional specific information relating to Is Wealthsimple Trade Safe, check out the Wealthsimple website for answers to each your questions.