What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that sets itself apart from similar apps by charging absolutely no fees.
A fintech business founded in the Fall 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has improved significantly over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade single stocks and ETFs without needing to pay fees. The exception is when you’re trading ETFs and stocks that are denominated in US Dollars. In that case, they will charge a small currency conversion fee when buying and selling. However, gone are the days of having to pay more than $7 per trade with digital discount brokerages as was normal a couple years ago.
Exactly How Much Money do I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of 1K-5K. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-registered accounts. One can choose between both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app offered to download on Apple and also Google Play. The app makes the enrollment phase and the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion Canadian of Assets Under Management (AUM). This company has been expanding for more than 7 years and also right now employs about 600 folks. The majority owner is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to fund an account. Just connect a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can also be withdrawn a chequing or savings accounts using the exact same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to E-transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and file your tax return online free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets you to recieve 1% cashback on your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of different courses on topics like saving, investments, crypto, mortgages and more.
Each of the listed features, along with Wealthsimple Trade can be found on the app or from the site with one login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the cash value of a stock worth up to $4,500 Canadian as soon as you fund your account.
But What if I Still Have Questions Related to Wealthsimple Tfsa?
If this article still hasn’t given you the answers to each of your questions, and you’re searching for more specific answers relating to Wealthsimple Tfsa, check out the Wealthsimple website to get answers to all your questions.