What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A fintech company launched in the Fall 2014 exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has changed substantially over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade stand alone stocks and ETFs without needing to pay commissions. The exception to this is when trading ETFs and stocks that are listed in USD. In this case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 per each trade with online discount brokerages as was normal a few years past.
Exactly How Much Money do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have large initial deposit amounts of 1k-$5,000. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has both registered and non-registered account types. One can select between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on Apple and Google Play. The mobile app makes the enrollment phase and also the trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). This company has been expanding for more than 7 years and also at this time employs about 600 Canadians. The primary owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to an account. Simply connect a chequing or savings account with your Trade account, and add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can just as easily be withdrawn your chequing or savings accounts using the same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and submit your taxes online for free. It’s pitched as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which lets one to earn 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of online courses on different topics such as saving, investing, crypto, real estate and much more.
Each of the mentioned products, including Wealthsimple Trade can be accessed in the mobile app or on the site with a single login.
How Can I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special registration bonus offer to our audience you will get the equivalent cash value of a random stock worth $25 up to $4,500 CAD when you add funds to your account.
But What if I Still Have Questions Related to Transfer Rrsp To Wealthsimple?
If this review still hasn’t answered each of your questions, and you’re still looking for further specific answers about Transfer Rrsp To Wealthsimple, go to the Wealthsimple site to find answers to every one of your questions.