What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks plus crypto trading platform that distinguishes itself from similar apps by charging no fees.
A leading Canadian fintech business launched in the Autumn of twenty fourteen exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has improved substantially over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers to trade both single stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading stocks which are denominated in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay more than $7 per each trade with digital discount brokerages as was normal just a couple years past.
How Much in Funds Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large initial deposit amounts of 1k-5k. This makes it impossible for the every day investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. One are free to select between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available to download on both IOS and also Google Play. The mobile app makes the registration steps and trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian of Assets Under Management . They have been expanding for more than 7 years and also currently employs roughly 600 people. The primary shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to deposit to an account. Just connect the app to a chequing or savings account to your Trade account, and add funds to your account in just a couple of clicks. Deposits from banks to Wealthsimple typically take a couple of days. Funds can just as easily be withdrawn your chequing or savings account by using the exact same steps.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and submit your taxes online free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product that allows one to get 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of different courses on different topics such as saving, investments, crypto, home buying and more.
All of the listed products, along with Wealthsimple Trade can be found in the mobile app or from the website with one login.
But How do I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special registration bonus offer to our readers you’ll receive the equivalent cash value of a random Canadian stock worth up to $4,500 Canadian as soon as you add funds to your account.
So What if I Still Have Questions Related to Wealthsimple Questions?
If this review hasn’t given you the answers to each of your questions, and you’re looking for further information about Wealthsimple Questions, check out the Wealthsimple site to get answers to every one of your questions.