What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading platform that differentiates itself from its competitors by charging no fees.
A Toronto, Ontario based fintech company founded in the Fall 2014 originally as a robo-advisor trading platform called Wealthsimple Invest, it has improved significantly over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers to trade both stand alone stocks and also ETFs without having to pay any commissions. The exception is when you’re trading ETFs and stocks that are denominated in USD currency. In that case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the times of having to pay more than $7 for each trade with online discount brokerages as was normal just a couple years past.
Exactly How Much Money do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of $1,000-$5,000. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available on iOS and Google Play. The mobile app makes the enrollment process and also trading of stocks and ETFs incredibly simple.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). These folks have been in business for more than 7 years and also employs about 600 people. The controlling owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to add funds to your account. Simply connect the app to a chequing or savings account with your Trade account, then add money to your account in just a few steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can the same way can be moved to your chequing or savings accounts using the same method.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac E-Transfers that allow one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and submit your taxes online free. It’s advertised to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to recieve 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of different online courses on saving, investing, crypto, home buying and much more.
Every one of the mentioned products, including Wealthsimple Trade may be found on the app and on the website with one login.
So How do I Begin Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will receive the equivalent cash value of a Canadian stock valued at $25 up to $4,500 CAD once you fund your account.
What if I Still Have Questions About Wealthsimple Quote Delay?
If this review didn’t answered each of your questions, and you’re still looking for more facts about Wealthsimple Quote Delay, go to the Wealthsimple site to get answers to each your questions.