What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading platform that sets itself apart from other apps by charging no fees.
A fintech company founded in Fall of 2014 originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has evolved substantially over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers trade single stocks and ETFs without needing to pay any fees. The exception to this is when trading ETFs and stocks which are denominated in USD currency. In that case, they charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 for each trade with online discount brokerages as was common a couple years ago.
How Much in Funds do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1k-5k. This makes it difficult for the typical investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. You are free to choose both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is available on both IOS and Android. The app makes the enrollment steps and trading of stocks and ETFs super a breeze.
Is Wealthsimple Trade Safe?
. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). they’ve been doing business for more than 7 years and also currently employs about 600 Canadians. The main shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to fund an account. Simply connect to a chequing or savings account to your Trade account, and add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can the same way can be moved to your chequing or savings account using the exact same steps.
Which Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows one to recieve 1% cashback on your spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a variety of online courses on topics like saving, investing, crypto, real estate and much more.
Each of the mentioned features, along with Wealthsimple Trade can be found within the app and from their website with a single login.
So How Can I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Additional Questions Related to Joint Tfsa Wealthsimple?
If this review still hasn’t answered each of your questions, and you’re still looking for further specific information about Joint Tfsa Wealthsimple, go to the Wealthsimple website for answers to every one of your questions.