What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock and crypto trading platform that sets itself apart from its competitors by charging no fees.
A Toronto, Ontario based online financial services company founded in the Fall of twenty fourteen originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has evolved substantially over the previous 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers to trade both stand alone stocks and also ETFs without having to pay commissions. The exception to this is when trading stocks which are listed in US Dollars. In which case, they do charge a small currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 per each trade with discount brokerages as was normal a couple years past.
How Much Cash do I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is awesome such that they allow investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable min deposit amounts of $1000-5K. This makes it tough for the every day investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered accounts. You may select both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on iOS and also Android. The app makes the enrollment phase and the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been doing business for more than 7 years and also employs over 600 people. The primary owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund an account. Just connect to a chequing or savings account with your Trade account, then add money to your account in only a couple of clicks. Deposits from your bank to Wealthsimple usually take just a few days. Funds can just as easily be withdrawn your chequing or savings account with the same steps.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your tax return online for free. It’s described as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets one to get 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of courses on different topics such as saving, investing, crypto, home buying and more.
Each of the mentioned products, along with Wealthsimple Trade may be found within the app or on their site with one login.
So How Should I Begin Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer for our audience you’ll receive the equivalent cash value of a random stock worth up to $4,500 Canadian when you make an initial deposit to your account.
But What if I Still Have Additional Questions Related to Robo Advisor Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still browsing for additional info relating to Robo Advisor Wealthsimple, go to the Wealthsimple website for answers to each your questions.