What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stocks plus crypto trading web app that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Fall 2014 exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has grown considerably over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers trade both individual stocks and ETFs without paying any fees. The exception is when trading ETFs and stocks that are denominated in US Dollars. In this case, they will charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay Upwards of $7 per trade with digital discount brokerages as was common a couple years ago.
Exactly How Much Money Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large minimum deposit amounts of $1,000-5K. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You can choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on both Apple and Google Play. The app makes the registration steps and also trading of stocks and ETFs very simple.
Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is secure. Wealthsimple has over 15 billion Canadian in Assets Under Management (AUM). They have been expanding for more than 7 years and also currently employs more than 600 people. The primary owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund your new account. Just connect to a chequing or savings account to your Trade account, then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can just as easily be moved to a chequing or savings account by using the same steps.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-Transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online for free. It’s described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that lets you to earn 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of different courses on topics like saving, investing, crypto, home buying and much more.
Every one of the above features, along with Wealthsimple Trade can be accessed within the mobile app and at their site with a single login.
But How Can I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special signup bonus offer to our audience you will get the cash value of a random share valued at $25 up to $4,500 CAD once you fund your account.
So What if I Still Have Additional Questions About Reddit Questrade Vs Wealthsimple?
If this article still hasn’t given you the answers to each of your questions, and you’re still browsing for more information about Reddit Questrade Vs Wealthsimple, visit the Wealthsimple website for answers to every one of your questions.