What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock and crypto trading platform that sets itself apart from its competitors by charging no fees.
A leading Canadian online financial services company launched in Fall of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown significantly over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors trade stand alone stocks and also ETFs without needing to pay any commissions. The exception is when you’re trading stocks and ETFs which are displayed in US Dollars. In which case, they charge a small currency conversion fee when buying and selling. However, gone are the days of having to pay $7-12 for each trade with discount brokerages as was common just a few years past.
How Much Cash Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it hard for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has registered and non-registered accounts. One can choose between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered to download on IOS and Google Play. The smartphone app makes the signup steps and trading of stocks and ETFs easy.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and currently employs over 600 folks. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to a new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be withdrawn your chequing or savings accounts by the exact same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-Transfers that allow anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your taxes online free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets one to recieve 1% cashback on all your spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of online courses on saving, investments, crypto, mortgages and much more.
All of the listed features, including Wealthsimple Trade may be found in the mobile app and on their site with your Wealthsimple login.
But How Should I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you will get the cash value of a random Canadian stock valued at $25 up to $4,500 Canadian once you deposit to your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Kw?
If this article still hasn’t given you the answers to each of your questions, and you’re looking for additional specific information relating to Wealthsimple Kw, check out the Wealthsimple website to get answers to each your questions.