What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading app that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in Fall twenty fourteen exclusively as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved substantially over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers to trade single stocks and ETFs without paying commissions. The exception to this is when trading stocks and ETFs which are displayed in USD. In which case, they charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying $7-12 for each trade with digital discount brokerages as was the norm a few years ago.
Exactly How Much in Funds Will I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow Canadians to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large minimum deposit amounts of $1,000-5k. This makes it difficult for the common investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has both registered and non-registered accounts. One are able to choose between both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered to download on Apple and Android. The mobile app makes the enrollment phase and trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and also now employs more than 600 Canadians. The majority shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage to operate in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to deposit to an account. Just connect to a chequing or savings account to your Trade account, then fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn a chequing or savings account by the exact same steps.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and submit your taxes online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which allows one to get 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of different online courses on different topics such as saving, investments, crypto, real estate and more.
Each of the mentioned products, including Wealthsimple Trade may be found within the mobile app and at the site with your Wealthsimple login.
But How Should I Begin Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As an exclusive signup bonus for our readers you will get the cash value of a stock worth $25 up to $4,500 Canadian as soon as you fund your account.
What if I Still Have Questions Related to Simple Tax Wealthsimple?
If this blog post still hasn’t answered all of your questions, and you’re still looking for more info about Simple Tax Wealthsimple, visit the Wealthsimple website to find answers to all your questions.