What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading web app that differentiates itself from its competitors by charging no fees.
A online financial services company launched in the Fall of 2014 originally as a robo advisor trading platform called Wealthsimple Invest, it has grown significantly over the previous eight years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers trade both individual stocks and also ETFs without having to pay commissions. The exception is when you’re trading securities which are displayed in USD. In which case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 per each trade with online discount brokerages as was the norm a couple years past.
How Much Cash do I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and brokerages have large minimum deposit amounts of 1k-5k. This makes it difficult for the common investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade offers both registered and non-CRA-registered account types. You are able to select both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available to download on IOS and also Android. The mobile app makes the registration steps and also trading of stocks and ETFs incredibly simple.
But Is Wealthsimple Trade Safe?
. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and right now employs about 600 folks. The controlling shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to deposit to your new account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can the same way can be moved to a chequing or savings accounts using the same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to E-transfers which allows anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and submit your taxes online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that allows you to earn 1% cashback on your everyday purchases, and also get 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 saving, investing, crypto, mortgages and more.
Each of the listed products, including Wealthsimple Trade can be accessed on the app and at the site with a single login.
How do I Begin Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the cash value of a Canadian stock worth up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Instant Deposit?
If this review hasn’t answered each of your questions, and you’re still browsing for further information about Wealthsimple Instant Deposit, check out the Wealthsimple site for answers to every one of your questions.