What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, securities plus crypto trading app that distinguishes itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in the Fall of twenty fourteen originally as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed considerably over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows investors to trade stand alone stocks and also ETFs without paying any fees. The exception to this is when you’re trading securities that are denominated in USD. In this case, they will charge a nominal currency conversion fee when buying and selling. However, past us are the days of paying Upwards of $7 per each trade with discount brokerages as was the norm only a few years ago.
How Much in Funds do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large initial deposit amounts of $1000-$5,000. This makes it tough for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. You may select both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered to download on IOS and Android. The smartphone app makes the enrollment phase and also trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs over 600 Canadians. The controlling shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to add funds to an account. Just connect to a chequing or savings account to your Trade account, then fund your account in only a few clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can just as easily be moved to a chequing or savings accounts with the same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac E-Transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which lets one to earn 1% cashback on your spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of online courses on topics like saving, investing, crypto, home buying and more.
Each of the mentioned products, including Wealthsimple Trade may be found within the app or from the site with one login.
But How do I Get Started Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus offer for our readers you will receive the cash value of a stock worth $25 up to $4,500 CAD once you deposit to your account.
But What if I Still Have Questions About Wealthsimple Investments Inc?
If this blog post hasn’t answered all of your questions, and you’re still looking for more answers relating to Wealthsimple Investments Inc, visit the Wealthsimple site to find answers to each your questions.