What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading web app that distinguishes itself from other apps by charging no fees.
A Toronto, Ontario based online financial services business founded in the Fall of twenty fourteen exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without needing to pay any fees. The exception to this is when trading stocks that are displayed in USD currency. In this case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 per each trade with discount brokerages as was the case only a couple years past.
How Much Money do I Need to Start With Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of $1,000-$5,000. This makes it difficult for the every day new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. One can select between both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered on IOS and Android. The smartphone app makes the enrollment phase and the trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and right now employs about 600 folks. The main shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add funds to your account. Just connect to a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can the same way can be moved to a chequing or savings account by using the same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to e-Transfers which allows one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online free. It’s described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to recieve 1% cashback on your purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of courses on saving, investing, crypto, home buying and much more.
Every one of the mentioned products, including Wealthsimple Trade may be accessed within the mobile app or from their website with one login.
How Can I Get Started With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special registration bonus offer for our audience you will get the equivalent cash value of a Canadian stock valued at up to $4,500 CAD once you add funds to your account.
So What if I Still Have Questions About Reddit Wealthsimple Trade?
If this blog post didn’t answered each of your questions, and you’re browsing for further specific information about Reddit Wealthsimple Trade, visit the Wealthsimple site to get answers to each your questions.