What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock and crypto trading platform that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based online financial services business launched in the Autumn 2014 exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has changed considerably over the previous 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs which are listed in USD currency. In which case, they will charge a nominal currency conversion fee when buying and selling. However, past us are the times of paying Upwards of $7 per trade with online discount brokerages as was common just a few years ago.
Exactly How Much in Funds Will I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-5k. This makes it difficult for the common new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has available both registered and non-registered account types. You are free to select both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on Apple and also Android. The smartphone app makes the signup steps and trading of stocks and ETFs truly painless.
Is Wealthsimple Trade Secure?
. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and employs roughly 600 folks. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to deposit to a new account. Just connect a chequing or savings account with your Trade account, and then add money to your account in just a few clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can just as easily be moved back to a chequing or savings accounts with the exact same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to e-transfers which allow anyone to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your tax return online for free. It’s described as simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that lets you to get 1% cashback on your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of different online courses on different topics such as saving, investing, crypto, home buying and much more.
Each of the above features, along with Wealthsimple Trade can be found on the mobile app and on their site with your Wealthsimple login.
So How Can I Begin Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the cash value of a share worth $25 up to $4,500 CAD as soon as you make an initial deposit to your account.
So What if I Still Have Questions About Kw Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re still browsing for additional specific info relating to Kw Wealthsimple, visit the Wealthsimple website to find answers to each your questions.