What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities plus crypto trading platform that sets itself apart from the competition by charging no fees.
A fintech business founded in the Autumn of 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown substantially over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers to trade both stand alone stocks and ETFs without paying fees. The exception to this is when trading stocks which are denominated in USD currency. In this case, they will charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay $7-12 for each trade with online discount brokerages as was normal just a few years ago.
Exactly How Much Cash do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is awesome such that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large min deposit amounts of 1K-$5,000. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered account types. One can select between both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on both Apple and also Google Play. The smartphone app makes the registration steps and also the trading of stocks and ETFs super easy.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management . This company has been operating for more than 7 years and at this time employs about 600 folks. The controlling shareholder is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to a new account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can just as easily be moved to your chequing or savings accounts with the same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-Transfers that allow one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and file your taxes online free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account that lets one to get 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a ton of different online courses on saving, investing, crypto, real estate and much more.
Each of the listed products, along with Wealthsimple Trade can be found inside the app or on their website with a single login.
How Should I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you will get the equivalent cash value of a random stock worth $25 up to $4,500 CAD once you fund your account.
But What if I Still Have Additional Questions About Wealthsimple Resp?
If this review still hasn’t given you the answers to all of your questions, and you’re searching for additional specific answers about Wealthsimple Resp, go to the Wealthsimple site for answers to each your questions.