What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock and crypto trading app that differentiates itself from its competitors by charging no fees.
A leading Canadian fintech company launched in Fall twenty fourteen exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved significantly over the last 8 years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade both individual stocks and also ETFs without paying commissions. The exception to this is when trading stocks and ETFs that are denominated in USD. In this case, they do charge a nominal currency conversion fee when buying and selling. However, gone are the days of paying Upwards of $7 per each trade with digital discount brokerages as was common a couple years past.
How Much in Funds Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and brokerages have large minimum deposit amounts of $1,000-5k. This makes it tough for the typical investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has available registered and non-CRA-registered account types. You may select both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available on iOS and Android. The app makes the signup process and the trading of stocks and ETFs very easy.
Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and at this time employs about 600 folks. The main shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to deposit to your new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in only a few clicks. Deposits from banks to Wealthsimple typically take a few days. Funds can the same way can be withdrawn a chequing or savings account by the same steps.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online free. It’s pitched as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to get 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of different courses on saving, investments, crypto, real estate and much more.
All of the listed features, including Wealthsimple Trade can be accessed within the app or from their website with your Wealthsimple login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the cash value of a Canadian stock worth $25 up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Questions Concerning Qtrade Vs Questrade Vs Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still browsing for more specific information relating to Qtrade Vs Questrade Vs Wealthsimple, go to the Wealthsimple site to find answers to every one of your questions.