What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in Fall of twenty fourteen originally as a robo advisor automated trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading stocks that are denominated in USD currency. In that case, they charge a small currency conversion fee both when buying and selling. However, behind us are the times of having to pay Upwards of $7 per trade with online discount brokerages as was expected just a few years past.
Exactly How Much Cash Will I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadians to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large initial deposit amounts of $1000-$5,000. This makes it impossible for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-registered accounts. You are free to choose between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on iOS and Android. The smartphone app makes the registration phase and trading of stocks and ETFs easy.
So Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). They have been operating for more than 7 years and also right now employs more than 600 Canadians. The main shareholder is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to add money to an account. Simply connect to a chequing or savings account with your Trade account, and add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can also be withdrawn a chequing or savings accounts through the same process.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers that allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online for free. It’s advertised as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that lets one to get 1% cashback on your purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of online courses on saving, investments, crypto, home buying and much more.
All of the above features, along with Wealthsimple Trade may be found on the app and from the website with a single login.
So How Can I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special registration bonus offer to our readers you’ll get the cash value of a share worth up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions About Tax Documents Wealthsimple?
If this review didn’t answered all of your questions, and you’re still browsing for more information about Tax Documents Wealthsimple, visit the Wealthsimple site to get answers to each your questions.