What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Fall 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has changed considerably over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors trade individual stocks and ETFs without needing to pay commissions. The exception is when trading securities that are displayed 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 paying Upwards of $7 per each trade with online discount brokerages as was normal just a couple years past.
Exactly How Much Cash do I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and brokerages have quite large min deposit amounts of $1,000-5k. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. One may select both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on Apple and also Google Play. The smartphone app makes the enrollment steps and the trading of stocks and ETFs simple.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been expanding for more than 7 years and now employs roughly 600 folks. The main shareholder is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to fund your account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved to a chequing or savings accounts with the same method.
What Other Features and Products Are Available?
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’ll need to prepare for tax season and submit your taxes online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to earn 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of different courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the mentioned features, along with Wealthsimple Trade can be accessed within the mobile app or on the site with a single login.
How Can I Get Started With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you will get the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD as soon as you add funds to your account.
So What if I Still Have Questions About Wealthsimple In Us?
If this blog post hasn’t answered all of your questions, and you’re still browsing for more facts relating to Wealthsimple In Us, visit the Wealthsimple website for answers to each your questions.