What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading app that sets itself apart from the competition by charging no fees.
A leading Canadian online financial services business launched in Autumn 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has grown considerably over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors to trade both stand alone stocks and ETFs without having to pay fees. The exception is when you’re trading stocks that are denominated in USD currency. In this case, they will charge a small currency conversion fee both when buying and selling. But, past us are the days of paying $7-12 per trade with discount brokerages as was common a few years past.
Exactly How Much Cash Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of 1k-$5,000. This makes it difficult for the every day investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available on iOS and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and now employs roughly 600 Canadians. The controlling shareholder is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to a new account. Just connect to a chequing or savings account with your Trade account, and then add funds to your account in simply a few clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can the same way can be moved to a chequing or savings accounts using the exact same steps.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to e-Transfers which allow you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your taxes online free. It’s advertised to be simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to recieve 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of different courses on different topics such as saving, investing, crypto, mortgages and much more.
Every one of the above products, including Wealthsimple Trade can be found on the mobile app and from the site with one login.
But How Should I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus offer for our audience you’ll receive the cash value of a random stock valued at up to $4,500 CAD when you add funds to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Roundup?
If this blog post still hasn’t answered all of your questions, and you’re still looking for more information about Wealthsimple Roundup, go to the Wealthsimple site for answers to each your questions.