What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, securities plus crypto trading web app that sets itself apart from similar apps by charging absolutely no fees.
A fintech company founded in the Fall of 2014 originally as a robo-advisor trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors trade single stocks and also ETFs without paying commissions. The exception to this is when trading ETFs and stocks which are listed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 per each trade with digital discount brokerages as was the norm only a couple years ago.
Exactly How Much Cash do I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of $1000-$5,000. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade offers registered and non-registered accounts. One are able to select both RRSP and TFSA account types in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both IOS and also Google Play. The smartphone app makes the enrollment steps and the trading of stocks and ETFs simple.
So Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). These folks have been doing business for more than 7 years and also at this time employs roughly 600 folks. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to a new account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can also be moved to a chequing or savings accounts with the exact same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-Transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online free. It’s pitched as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to earn 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a ton of courses on topics like saving, investing, crypto, home buying and much more.
Every one of the mentioned features, including Wealthsimple Trade may be found on the mobile app and on their site with your Wealthsimple login.
How Should I Begin Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus to our readers you’ll receive the cash value of a Canadian stock worth up to $4,500 Canadian as soon as you make an initial deposit to your account.
But What if I Still Have Additional Questions Related to Should I Use Wealthsimple?
If this article hasn’t given you the answers to all of your questions, and you’re searching for more information about Should I Use Wealthsimple, visit the Wealthsimple website for answers to all your questions.