What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock plus crypto trading platform that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based online financial services business launched in Autumn 2014 originally as a robo-advisor trading platform called Wealthsimple Invest, it has evolved considerably over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors to trade both single stocks and also ETFs without needing to pay commissions. The exception is when you’re trading securities that are displayed in USD. In this case, they do charge a currency conversion fee when buying and selling. However, behind us are the days of having to pay Upwards of $7 for each trade with digital discount brokerages as was the norm just a few years ago.
How Much in Funds Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable minimum deposit amounts of $1,000-5k. This makes it hard for the everyday investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has registered and non-registered accounts. You can choose between both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app offered to download on both Apple and also Android. The smartphone app makes the signup process and also trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). These folks have been doing business for more than 7 years and at this time employs about 600 Canadians. The primary owner is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to fund a new account. Just connect the app to a chequing or savings account with your Trade account, and then add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can the same way can be withdrawn a chequing or savings account by the exact same method.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your tax return online free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that allows one to earn 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of different courses on different topics such as saving, investing, crypto, mortgages and more.
Every one of the listed products, along with Wealthsimple Trade can be accessed within the mobile app and on their site with a single login.
How Should I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive signup bonus to our audience you will receive the cash value of a random stock valued at up to $4,500 CAD as soon as you fund your account.
What if I Still Have Additional Questions Concerning Wealthsimple Retirement Calculator?
If this article still hasn’t answered each of your questions, and you’re still searching for more facts about Wealthsimple Retirement Calculator, check out the Wealthsimple site to get answers to all your questions.