What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stocks and crypto trading web app that differentiates itself from the competition by charging no fees.
A leading Canadian fintech company founded in the Autumn of twenty fourteen originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has changed substantially over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade both individual stocks and ETFs without having to pay fees. The exception is when trading ETFs and stocks that are denominated in USD. In this case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay more than $7 per trade with digital discount brokerages as was the case just a couple years ago.
How Much Cash do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1k-$5,000. This makes it tough for the everyday new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has available CRA registered and non-registered account types. One may choose between both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app offered on IOS and Google Play. The app makes the registration steps and the trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). They have been operating for more than 7 years and right now employs roughly 600 folks. The controlling owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to add funds to an account. Just connect the app to a chequing or savings account to your Trade account, then add funds to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved to a chequing or savings account with the exact same process.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers that allow one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and submit your tax return online for free. It’s pitched as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that allows one to earn 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a ton of courses on topics like saving, investing, crypto, home buying and much more.
All of the above products, along with Wealthsimple Trade may be found inside the app and on the site with a single login.
But How Should I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus to our readers you will get the equivalent cash value of a stock valued at $25 up to $4,500 CAD once you add funds to your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Joint Account?
If this article didn’t answered each of your questions, and you’re still browsing for more information about Wealthsimple Joint Account, visit the Wealthsimple website to get answers to every one of your questions.