What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A fintech business launched in Autumn twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers trade single stocks and ETFs without needing to pay any commissions. The exception is when you’re trading stocks and ETFs that are displayed in US Dollars. In which case, they do charge a nominal currency conversion fee when buying and selling. However, behind us are the days of having to pay more than $7 for each trade with digital discount brokerages as was common just a few years ago.
How Much in Funds do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it difficult for the typical investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade has available registered and non-registered account types. One may select both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on iOS and Android. The app makes the signup phase and also trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management . They have been expanding for more than 7 years and also now employs about 600 Canadians. The controlling owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add funds to an account. Just connect a chequing or savings account with your Trade account, then add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be withdrawn your chequing or savings account by using the same process.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers which allows anyone 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 free. It’s advertised to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets one to recieve 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of online courses on saving, investments, crypto, real estate and much more.
Every one of the mentioned products, along with Wealthsimple Trade may be accessed in the app or from the site with your Wealthsimple login.
But How do I Begin Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As a special registration bonus offer for our audience you’ll get the cash value of a random stock worth up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Stock?
If this review hasn’t answered all of your questions, and you’re still searching for further specific answers about Wealthsimple Stock, check out the Wealthsimple website for answers to all your questions.