What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in Fall of 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed significantly over the last 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and also ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs which are denominated in US Dollars. In that case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the times of paying more than $7 per trade with digital discount brokerages as was normal only a couple years ago.
How Much in Funds do I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is cool in that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it hard for the normal investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available registered and non-registered accounts. One may select both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on both IOS and also Android. The mobile app makes the registration phase and the trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). they’ve been doing business for more than 7 years and now employs roughly 600 people. The primary owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can also be withdrawn a chequing or savings account through the same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your taxes online for free. It’s advertised as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets you to get 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of courses on different topics such as saving, investing, crypto, home buying and more.
All of the mentioned products, along with Wealthsimple Trade can be found within the mobile app and on the website with a single login.
But How Should I Begin Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special signup bonus offer to our readers you will get the equivalent cash value of a stock worth $25 up to $4,500 CAD once you make an initial deposit to your account.
What if I Still Have Questions Concerning Qtrade Vs Wealthsimple?
If this blog post hasn’t answered each of your questions, and you’re looking for further information relating to Qtrade Vs Wealthsimple, visit the Wealthsimple website to find answers to every one of your questions.