What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading app that differentiates itself from similar apps by charging no fees.
A fintech company launched in the Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has grown considerably over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors trade single stocks and ETFs without having to pay commissions. The exception to this is when trading stocks that are displayed in USD. In this case, they do charge a small currency conversion fee when buying and selling. But, gone are the days of paying more than $7 per trade with online discount brokerages as was the norm a few years ago.
How Much Cash do I Need to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of 1K-5k. This makes it tough for the normal investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on both IOS and also Google Play. The smartphone app makes the registration process and the trading of stocks and ETFs easy.
So Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . These folks have been operating for more than 7 years and currently employs about 600 folks. The controlling shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to add funds to your account. Simply connect to a chequing or savings account with your Trade account, and then fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can just as easily be moved back to your chequing or savings accounts by the same steps.
What Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-Transfers which allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your taxes online free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets one to recieve 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a bunch of courses on topics like saving, investing, crypto, mortgages and more.
Each of the above features, including Wealthsimple Trade may be found on the app and on their website with a single login.
How Should I Get Started Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special registration bonus for our readers you will receive the equivalent cash value of a random stock worth $25 up to $4,500 CAD once you fund your account.
What if I Still Have Additional Questions Concerning Wealthsimple Quick Deposit?
If this review didn’t answered each of your questions, and you’re still searching for more answers about Wealthsimple Quick Deposit, check out the Wealthsimple website for answers to all your questions.