What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks plus crypto trading web app that differentiates itself from similar apps by charging absolutely no fees.
A leading Canadian fintech company founded in Autumn twenty fourteen exclusively as a robo advisor trading platform named Wealthsimple Invest, it has changed considerably over the past eight years to include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and also ETFs without needing to pay any commissions. The exception to this is when trading stocks that are listed in USD currency. In which case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per trade with online discount brokerages as was the norm just a few years past.
Exactly How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is awesome such that they allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large initial deposit amounts of $1000-$5000. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has CRA registered and non-registered account types. You are free to select both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on iOS and also Android. The app makes the enrollment phase and the trading of stocks and ETFs incredibly simple.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and right now employs roughly 600 folks. The main owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund your new account. Simply connect the app to a chequing or savings account to your Trade account, then fund your account in only a few steps. Deposits from your bank to Wealthsimple usually take only a few days. Funds can the same way can be moved to a chequing or savings accounts through the exact same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-transfers which allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your taxes online for free. It’s described as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which lets one to earn 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a variety of online courses on saving, investments, crypto, home buying and much more.
All of the mentioned products, including Wealthsimple Trade can be accessed on the app or at their website with one login.
How do I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian once you make an initial deposit to your account.
But What if I Still Have Additional Questions About Trade Wealthsimple?
If this review didn’t given you the answers to each of your questions, and you’re still looking for further answers relating to Trade Wealthsimple, visit the Wealthsimple website to find answers to all your questions.