What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities and crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Fall twenty fourteen originally as a robo-advisor trading platform named Wealthsimple Invest, it has improved considerably over the previous eight years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade both individual stocks and ETFs without needing to pay fees. The exception to this is when you’re trading stocks which are denominated in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. However, past us are the times of paying Upwards of $7 per trade with discount brokerages as was expected only a few years ago.
Exactly How Much Cash do I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have large min deposit amounts of $1,000-5k. This makes it impossible for the everyday investor to start. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You may select between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on iOS and Android. The smartphone app makes the registration phase and also the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). These folks have been expanding for more than 7 years and now employs about 600 people. The controlling owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to deposit to a new account. Simply connect the app to a chequing or savings account with your Trade account, then add funds to your account in only a couple of clicks. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can just as easily be moved to your chequing or savings account through the same steps.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to e-Transfers that allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your tax return online for free. It’s advertised as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which lets you to earn 1% cashback on your spending, as well as 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, home buying and much more.
Each of the listed features, along with Wealthsimple Trade may be accessed on the app or on the site with one login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the cash value of a random share valued at $25 up to $4,500 Canadian as soon as you deposit to your account.
So What if I Still Have Additional Questions About Wealthsimple Rrsp?
If this article didn’t answered each of your questions, and you’re browsing for more information relating to Wealthsimple Rrsp, go to the Wealthsimple website to get answers to all your questions.