What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A online financial services business launched in the Fall of 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets investors trade both single stocks and also ETFs without paying any fees. The exception to this is when trading ETFs and stocks that are listed in USD. In that case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the days of paying $7-12 for each trade with online discount brokerages as was the case a few years ago.
How Much Cash Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large min deposit amounts of $1,000-5k. This makes it impossible for the normal investor to start. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available to download on both IOS and also Android. The app makes the registration process and also the trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and currently employs more than 600 Canadians. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to deposit to your account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in only a few steps. Deposits from banks to Wealthsimple normally take a couple of days. Funds can the same way can be moved to a chequing or savings account with the exact same method.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to recieve 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of courses on saving, investments, crypto, mortgages and much more.
Every one of the mentioned features, along with Wealthsimple Trade can be accessed inside the app and from their site with one login.
How Can I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus to our audience you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 CAD once you make an initial deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Koinly?
If this review hasn’t answered all of your questions, and you’re still looking for more answers about Wealthsimple Koinly, check out the Wealthsimple site for answers to each your questions.