What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock and crypto trading app that distinguishes itself from the competition by charging absolutely no fees.
A fintech business founded in Fall of 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets investors trade stand alone stocks and also ETFs without needing to pay commissions. The exception to this is when trading stocks which are listed in USD. In which case, they will charge a currency conversion fee both when buying and selling. But, behind us are the days of having to pay Upwards of $7 for each trade with discount brokerages as was expected a couple years ago.
How Much Cash Will I Need to Start With Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large min deposit amounts of 1K-5K. This makes it hard for the common new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One can select between both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both iOS and Android. The smartphone app makes the signup steps and the trading of stocks and ETFs truly painless.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . These folks have been doing business for more than 7 years and also currently employs roughly 600 Canadians. The controlling owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add funds to an account. Simply connect the app to a chequing or savings account with your Trade account, then add funds to your account in only a few steps. Deposits from banks to Wealthsimple normally take just a few days. Funds can also be moved to a chequing or savings accounts with the exact same method.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers that allows one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and submit your taxes online for free. It’s advertised to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets you to recieve 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of online courses on topics like saving, investing, crypto, mortgages and more.
All of the listed products, including Wealthsimple Trade may be found on the mobile app or from the site with one login.
But How do I Begin Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the equivalent cash value of a stock valued at $25 up to $4,500 Canadian once you make an initial deposit to your account.
So What if I Still Have Additional Questions Concerning Shakepay Vs Wealthsimple?
If this review still hasn’t answered all of your questions, and you’re still searching for more facts about Shakepay Vs Wealthsimple, go to the Wealthsimple site for answers to each your questions.