What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A leading Canadian online financial services company launched in Autumn 2014 originally as a robo advisor trading platform named Wealthsimple Invest, it has changed substantially over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers trade individual stocks and also ETFs without having to pay fees. The exception to this is when trading stocks that are displayed in USD currency. In that case, they will charge a nominal currency conversion fee when buying and selling. However, behind us are the days of paying $7-12 per trade with discount brokerages as was the norm only a couple years past.
Exactly How Much in Funds Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large min deposit amounts of 1k-5k. This makes it difficult for the everyday investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available registered and non-registered account types. One are able to 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 modern mobile app offered to download on iOS and also Android. The smartphone app makes the registration process and trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and also now employs roughly 600 people. The controlling owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to deposit to an account. Just connect to a chequing or savings account with your Trade account, then add funds to your account in just a few clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can also be moved back to a chequing or savings account with the exact same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers which allows you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and file your taxes online for free. It’s advertised as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account that allows you to earn 1% cashback on all your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a ton of courses on topics like saving, investing, crypto, mortgages and much more.
Every one of the listed features, along with Wealthsimple Trade can be found within the app or on the website with your Wealthsimple login.
But How do I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special signup bonus to our readers you’ll get the cash value of a share valued at up to $4,500 CAD when you add funds to your account.
So What if I Still Have Questions About Justwealth Vs Wealthsimple?
If this blog post didn’t given you the answers to each of your questions, and you’re still browsing for further specific answers about Justwealth Vs Wealthsimple, go to the Wealthsimple website for answers to each your questions.