What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading platform that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based online financial services company founded in Autumn of twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has evolved significantly over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and also ETFs without needing to pay any commissions. The exception to this is when trading securities which are displayed in USD. In this case, they charge a nominal currency conversion fee when buying and selling. However, behind us are the days of paying $7-12 for each trade with online discount brokerages as was the case a few years past.
Exactly How Much Money Will I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have sizeable initial deposit amounts of $1000-$5,000. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered account types. One may choose both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on IOS and also Google Play. The smartphone app makes the registration phase and also trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . These folks have been expanding for more than 7 years and at this time employs more than 600 Canadians. The controlling shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to fund an account. Just connect the app to a chequing or savings account to your Trade account, and fund your account in only a few steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can the same way can be withdrawn your chequing or savings accounts by the same steps.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac E-transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax year and submit your tax return online for free. It’s advertised to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of different courses on topics like saving, investments, crypto, real estate and more.
All of the listed features, including Wealthsimple Trade can be found inside the mobile app and at their site with a single login.
How Should I Start With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For a special registration bonus for our readers you’ll get the equivalent cash value of a random share worth up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Questions Concerning Tax Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re browsing for further facts about Tax Wealthsimple, check out the Wealthsimple site to get answers to each your questions.