What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A online financial services business launched in Autumn twenty fourteen exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown substantially over the past 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and also ETFs without paying commissions. The exception is when trading securities that are listed in US Dollars. In that case, they will charge a currency conversion fee both when buying and selling. However, gone are the times of having to pay Upwards of $7 per trade with discount brokerages as was the norm a couple years past.
Exactly How Much Money Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have large min deposit amounts of $1,000-$5000. This makes it tough for the every day investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both registered and non-CRA-registered account types. You may select between both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both iOS and also Android. The smartphone app makes the registration phase and trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). This company has been in business for more than 7 years and employs over 600 people. The primary shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to fund your account. Just connect to a chequing or savings account to your Trade account, and fund your account in simply a few steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can just as easily be withdrawn a chequing or savings account using the exact same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-Transfers that allow one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and submit your taxes online for free. It’s advertised to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that lets you to get 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of online courses on topics like saving, investing, crypto, real estate and much more.
All of the above features, including Wealthsimple Trade can be accessed in the mobile app or on the site with one login.
But How do I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus for our readers you’ll receive the cash value of a random stock valued at up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions Related to Robinhood Vs Wealthsimple?
If this review still hasn’t answered each of your questions, and you’re browsing for additional specific facts about Robinhood Vs Wealthsimple, check out the Wealthsimple website to find answers to every one of your questions.