What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading platform that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based online financial services business launched in the Autumn of twenty fourteen exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has changed substantially over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade single stocks and also ETFs without paying fees. The exception is when trading ETFs and stocks that are denominated in USD. In which case, they charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying $7-12 for each trade with online discount brokerages as was common just a couple years past.
How Much in Funds Will I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large minimum deposit amounts of 1K-5k. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has available registered and non-CRA-registered accounts. You may choose both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available on IOS and Google Play. The mobile app makes the signup steps and the trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). They have been operating for more than 7 years and also right now employs about 600 people. The majority shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to fund a new account. Just connect to a chequing or savings account to your Trade account, and then add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can also be withdrawn your chequing or savings account by the same method.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-transfers that allows one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your taxes online free. It’s advertised to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows one to earn 1% cashback on your spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of online courses on topics like saving, investing, crypto, mortgages and more.
Every one of the listed products, along with Wealthsimple Trade can be accessed within the mobile app and on their site with your Wealthsimple login.
How Should I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special signup bonus to our readers you’ll get the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD as soon as you add funds to your account.
So What if I Still Have Questions Concerning Kraken Vs Wealthsimple?
If this review hasn’t answered each of your questions, and you’re browsing for additional info relating to Kraken Vs Wealthsimple, check out the Wealthsimple website for answers to each your questions.