What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks plus crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in the Autumn 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has grown considerably over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets investors to trade both stand alone stocks and ETFs without paying commissions. The exception is when you’re trading securities which are listed in USD currency. In which case, they will charge a 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 the case a couple years past.
Exactly How Much in Funds do I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and brokerages have large min deposit amounts of $1000-5k. This makes it difficult for the typical new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One may select both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on iOS and Android. The app makes the registration process and also the trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion Canadian in Assets Under Management . They have been in business for more than 7 years and also at this time employs more than 600 folks. The primary shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to deposit to a new account. Just connect to a chequing or savings account with your Trade account, then add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be moved to your chequing or savings account through the same steps.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your taxes online free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which lets you to earn 1% cashback on your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of courses on topics like saving, investing, crypto, mortgages and more.
Each of the above products, including Wealthsimple Trade may be accessed in the mobile app and at the site with your Wealthsimple login.
How do I Start Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As an exclusive signup bonus to our readers you’ll get the cash value of a share valued at $25 up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Additional Questions About Using Wealthsimple For Crypto?
If this article still hasn’t given you the answers to all of your questions, and you’re still searching for more specific info about Using Wealthsimple For Crypto, visit the Wealthsimple website to find answers to all your questions.