What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from similar apps by charging absolutely no fees.
A leading Canadian fintech company founded in Autumn of twenty fourteen originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has improved significantly over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers to trade stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading securities which are denominated in US Dollars. In this case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 for each trade with discount brokerages as was common only a few years past.
How Much Money do I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large min deposit amounts of $1000-5K. This makes it hard for the normal investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade offers both registered and non-registered accounts. One can choose both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on iOS and Android. The smartphone app makes the signup process and the trading of stocks and ETFs truly a breeze.
But Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and also currently employs about 600 people. The main owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to deposit to your new account. Simply connect a chequing or savings account with your Trade account, then fund your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can the same way can be withdrawn a chequing or savings account through the same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-transfers that allows you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and submit your tax return online for free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows one to recieve 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of courses on topics like saving, investing, crypto, real estate and much more.
All of the listed features, along with Wealthsimple Trade can be found inside the mobile app or on the site with your Wealthsimple login.
So How Should I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As an exclusive registration bonus to our audience you will receive the cash value of a Canadian stock worth $25 up to $4,500 Canadian once you make an initial deposit to your account.
What if I Still Have Additional Questions Related to Resp Wealthsimple?
If this blog post still hasn’t answered all of your questions, and you’re looking for more specific info relating to Resp Wealthsimple, go to the Wealthsimple site for answers to all your questions.