What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock plus crypto trading platform that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in the Fall of 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown considerably over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors to trade both stand alone stocks and ETFs without needing to pay commissions. The exception is when you’re trading securities that are listed in USD currency. In that case, they do charge a currency conversion fee when buying and selling. But, past us are the days of paying Upwards of $7 per trade with digital discount brokerages as was the norm a couple years ago.
How Much Cash Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have sizeable initial deposit amounts of $1,000-5K. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has both registered and non-CRA-registered accounts. One are free to select between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available to download on both IOS and also Google Play. The smartphone app makes the signup process and trading of stocks and ETFs very painless.
So Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). These folks have been expanding for more than 7 years and also currently employs about 600 folks. The controlling owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to fund your account. Just connect a chequing or savings account with your Trade account, then add money to your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take just a few days. Funds can also be withdrawn your chequing or savings account through the exact same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-transfers which allows one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your tax return online for free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that allows you to get 1% cashback on your everyday spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of courses on topics like saving, investments, crypto, real estate and more.
Every one of the above products, along with Wealthsimple Trade may be found on the app and at the website with a single login.
But How Should I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special registration bonus for our readers you will get the cash value of a random stock worth $25 up to $4,500 Canadian when you add funds to your account.
So What if I Still Have Questions Concerning Wealthsimple Savings Account?
If this review still hasn’t given you the answers to each of your questions, and you’re still browsing for additional answers about Wealthsimple Savings Account, go to the Wealthsimple website to find answers to all your questions.