What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities plus crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A fintech business launched in the Autumn 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has changed substantially over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers trade single stocks and ETFs without paying any fees. The exception is when you’re trading securities which are denominated in USD. In this case, they charge a currency conversion fee when buying and selling. However, past us are the days of paying more than $7 per trade with digital discount brokerages as was common a few years ago.
How Much in Funds do I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. Most alternative banks and brokerages have large minimum deposit amounts of $1000-5K. This makes it tough for the typical new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One may select both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on both iOS and also Google Play. The mobile app makes the signup process and also the trading of stocks and ETFs painless.
So Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . These folks have been operating for more than 7 years and currently employs roughly 600 folks. The primary shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add funds to a new account. Just connect a chequing or savings account to your Trade account, and fund your account in only a few steps. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can also be moved to your chequing or savings accounts using the exact same method.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-Transfers which allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your tax return online free. It’s advertised to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets you to get 1% cashback on your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of online courses on saving, investments, crypto, home buying and more.
Each of the above features, including Wealthsimple Trade can be accessed inside the app and at their website with your Wealthsimple login.
But How do I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus to our readers you will get the equivalent cash value of a random stock valued at $25 up to $4,500 CAD once you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Safe?
If this blog post hasn’t given you the answers to all of your questions, and you’re looking for more specific information relating to Wealthsimple Safe, visit the Wealthsimple website to find answers to all your questions.