What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities plus crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A online financial services company founded in the Autumn 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed considerably over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without needing to pay any commissions. The exception is when trading stocks and ETFs that are displayed in USD. In which case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with online discount brokerages as was expected only a few years past.
Exactly How Much Money do I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of $1,000-$5000. This makes it impossible for the every day new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers both registered and non-registered accounts. You can choose both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on iOS and Google Play. The app makes the signup process and the trading of stocks and ETFs truly painless.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs more than 600 people. The primary owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to add funds to a new account. Simply connect a chequing or savings account with your Trade account, then add money to your account in just a few steps. Deposits from banks to Wealthsimple usually take a couple of days. Funds can also be withdrawn your chequing or savings account through the same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and file your taxes online for free. It’s advertised to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which lets one to recieve 1% cashback on all your purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of different courses on saving, investments, crypto, real estate and more.
Each of the mentioned features, along with Wealthsimple Trade may be accessed inside the app or on their website with one login.
So How do I Start With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus offer to our audience you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian once you make an initial deposit to your account.
But What if I Still Have Questions Related to Stop Loss Wealthsimple?
If this review hasn’t answered all of your questions, and you’re still looking for additional specific info about Stop Loss Wealthsimple, check out the Wealthsimple site for answers to each your questions.