What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading web app that differentiates itself from the competition by charging absolutely no fees.
A leading Canadian fintech business launched in the Autumn of 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has improved substantially over the last 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading stocks and ETFs that are listed in US Dollars. In that case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was normal just a couple years past.
How Much Money do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable minimum deposit amounts of $1000-$5,000. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-registered accounts. You can select both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app offered on IOS and also Google Play. The smartphone app makes the enrollment phase and the trading of stocks and ETFs simple.
Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian in Assets Under Management . they’ve been expanding for more than 7 years and also right now employs roughly 600 folks. The main shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund an account. Simply connect the app to a chequing or savings account with your Trade account, then fund your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can also be withdrawn a chequing or savings account by using the same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your tax return online for free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that lets you to get 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of courses on saving, investments, crypto, mortgages and more.
Each of the mentioned features, including Wealthsimple Trade can be found on the app and from the site with one login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus for our readers you’ll receive the equivalent cash value of a stock valued at $25 up to $4,500 CAD once you fund your account.
What if I Still Have Additional Questions About Tax Calculator Wealthsimple?
If this blog post hasn’t answered all of your questions, and you’re browsing for further specific answers about Tax Calculator Wealthsimple, go to the Wealthsimple site to find answers to each your questions.