What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stocks and crypto trading app that distinguishes itself from the competition by charging no fees.
A leading Canadian online financial services business launched in the Fall 2014 originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has evolved considerably over the previous 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade both single stocks and ETFs without having to pay commissions. The exception is when trading securities which are listed in US Dollars. In this case, they charge a small currency conversion fee both when buying and selling. However, gone are the times of paying $7-12 for each trade with online discount brokerages as was expected just a few years ago.
How Much Cash do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large min deposit amounts of 1K-$5000. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is offered on Apple and Google Play. The mobile app makes the enrollment steps and also the trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Legit?
. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). they’ve been in business for more than 7 years and also at this time employs over 600 folks. The controlling owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund a new account. Just connect a chequing or savings account with your Trade account, then fund your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts with the same steps.
What Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to E-transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your tax return online for free. It’s pitched as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to recieve 1% cashback on all your purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of different online courses on saving, investing, crypto, mortgages and much more.
Each of the above features, along with Wealthsimple Trade can be accessed inside the app and on the website with your Wealthsimple login.
So How Should I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special registration bonus to our audience you will get the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian once you fund your account.
What if I Still Have Additional Questions About Wealthsimple Koho?
If this article still hasn’t answered all of your questions, and you’re looking for additional info about Wealthsimple Koho, check out the Wealthsimple website for answers to all your questions.