What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading web app that distinguishes itself from other apps by charging no fees.
A leading Canadian online financial services business founded in Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the past eight years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and also ETFs without needing to pay any commissions. The exception to this is when trading ETFs and stocks that are listed in USD currency. In that case, they charge a nominal currency conversion fee when buying and selling. But, past us are the times of paying more than $7 per each trade with discount brokerages as was the case a few years ago.
How Much Cash do I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of 1k-5K. This makes it impossible for the common new investor to start. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-registered account types. You may choose between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available to download on both Apple and Google Play. The app makes the signup steps and also trading of stocks and ETFs painless.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and employs over 600 people. The primary owner is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to add funds to a new account. Just connect to a chequing or savings account to your Trade account, and add money to your account in only a couple of steps. Deposits from banks to Wealthsimple typically take a few days. Funds can also be moved back to your chequing or savings account through the exact same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your taxes online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to earn 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest 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.
All of the listed features, including Wealthsimple Trade can be accessed on the app or from the website with one login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive registration bonus for our readers you will receive the equivalent cash value of a Canadian stock worth up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Related to Wealthsimple Rrsp Calculator?
If this blog post didn’t given you the answers to each of your questions, and you’re still looking for additional specific info relating to Wealthsimple Rrsp Calculator, check out the Wealthsimple site for answers to all your questions.