What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading platform that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based fintech company launched in Fall of 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has changed significantly over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers trade both single stocks and ETFs without having to pay fees. The exception is when you’re trading stocks which are displayed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with online discount brokerages as was normal only a few years past.
Exactly How Much Money Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large minimum deposit amounts of 1k-5k. This makes it tough for the everyday new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has both registered and non-registered account types. You may select between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app offered to download on IOS and Android. The app makes the signup steps and the trading of stocks and ETFs painless.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). they’ve been operating for more than 7 years and also employs about 600 folks. The main shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to deposit to an account. Simply connect to a chequing or savings account to your Trade account, and then fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved back to a chequing or savings account by using the exact same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allow you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your taxes online free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows one to earn 1% cashback on all your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a bunch of courses on different topics such as saving, investing, crypto, home buying and much more.
Each of the listed features, including Wealthsimple Trade can be accessed on the mobile app and on their website with a single login.
So How Can I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For a special signup bonus offer to our audience you’ll receive the equivalent cash value of a random share valued at $25 up to $4,500 CAD when you add funds to your account.
But What if I Still Have Questions About Tax Return Wealthsimple?
If this review hasn’t given you the answers to each of your questions, and you’re searching for more answers relating to Tax Return Wealthsimple, visit the Wealthsimple site to get answers to all your questions.