What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in Autumn of 2014 originally as a robo-advisor automated trading platform named Wealthsimple Invest, it has improved substantially over the previous 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade both stand alone stocks and also ETFs without paying fees. The exception is when trading stocks which are listed in US Dollars. In this case, they will charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying $7-12 per trade with online discount brokerages as was common a few years ago.
Exactly How Much Cash do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large initial deposit amounts of 1K-5k. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has CRA registered and non-registered accounts. One can select between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on Apple and Android. The mobile app makes the registration phase and the trading of stocks and ETFs super easy.
So Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is legit. Wealthsimple has over 15 billion Canadian of Assets Under Management . These folks have been expanding for more than 7 years and also currently employs about 600 people. The primary owner is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to add money to your account. Simply connect to a chequing or savings account to your Trade account, and then add money to your account in simply a few clicks. Deposits from banks to Wealthsimple usually take a few days. Funds can just as easily be withdrawn a chequing or savings account using the exact same process.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac e-Transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that lets you to get 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of different online courses on different topics such as saving, investing, crypto, real estate and much more.
Every one of the mentioned features, including Wealthsimple Trade can be accessed on the app and from the site with your Wealthsimple login.
But How Should I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special signup bonus to our readers you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Concerning Wealthsimple Learn?
If this blog post didn’t given you the answers to all of your questions, and you’re searching for further information relating to Wealthsimple Learn, check out the Wealthsimple site for answers to every one of your questions.