What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities plus crypto trading web app that sets itself apart from the competition by charging absolutely no fees.
A online financial services company founded in the Autumn 2014 originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both individual stocks and ETFs without having to pay fees. The exception is when trading stocks which are denominated in USD currency. In that case, they charge a currency conversion fee when buying and selling. But, gone are the days of having to pay more than $7 per trade with discount brokerages as was common just a couple years past.
Exactly How Much in Funds do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadians to make a minimum deposit of just $1. Most alternative banks and brokerages have large minimum deposit amounts of $1,000-5k. This makes it tough for the normal new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade offers registered and non-registered accounts. You are able to select between both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is available on Apple and Google Play. The smartphone app makes the signup phase and the trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). These folks have been operating for more than 7 years and employs roughly 600 Canadians. The majority owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to add funds to your account. Just connect a chequing or savings account to your Trade account, and then add money to your account in simply a couple of clicks. Deposits from banks to Wealthsimple typically take just a few days. Funds can also be moved back to a chequing or savings account with the exact same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-transfers which allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online for free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows one to earn 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of different online courses on saving, investments, crypto, real estate and more.
Every one of the above products, along with Wealthsimple Trade can be found in the app or at their site with one login.
But How Can I Get Started With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the equivalent cash value of a random Canadian stock valued at up to $4,500 CAD as soon as you add funds to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Tax Calculator?
If this blog post still hasn’t given you the answers to all of your questions, and you’re looking for more specific answers about Wealthsimple Tax Calculator, go to the Wealthsimple website to get answers to every one of your questions.