What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities plus crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Autumn 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown substantially over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without having to pay any fees. The exception to this is when you’re trading securities which are denominated in US Dollars. In this case, they will charge a currency conversion fee when buying and selling. However, gone are the days of having to pay more than $7 per each trade with digital discount brokerages as was the case a few years ago.
Exactly How Much in Funds Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of 1k-5K. This makes it impossible for the normal new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers CRA registered and non-registered account types. One can select both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on IOS and also Android. The smartphone app makes the enrollment steps and also the trading of stocks and ETFs super easy.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). These folks have been operating for more than 7 years and now employs more than 600 Canadians. The primary shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your account. Simply connect the app to a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take just a few days. Funds can the same way can be withdrawn a chequing or savings accounts by using the same process.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-Transfers which allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and file your taxes online for free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets one to get 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a variety of different courses on topics like saving, investing, crypto, real estate and more.
Each of the mentioned features, along with Wealthsimple Trade can be found within the mobile app or from the site with one login.
But How Can I Begin Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For a special signup bonus offer to our readers you’ll receive the cash value of a stock valued at up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Linkedin?
If this blog post didn’t given you the answers to all of your questions, and you’re browsing for additional specific info relating to Wealthsimple Linkedin, visit the Wealthsimple website to find answers to all your questions.