What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, securities and crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian online financial services company launched in the Autumn 2014 originally as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved substantially over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade both single stocks and ETFs without needing to pay any commissions. The exception is when you’re trading stocks that are listed in USD currency. In which case, they will charge a nominal currency conversion fee when buying and selling. But, past us are the days of having to pay $7-12 per trade with online discount brokerages as was expected a few years ago.
How Much Money do I Need in Order to Start on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of only $1. Most alternative banks and discount brokerages have sizeable minimum deposit amounts of 1k-$5000. This makes it impossible for the common investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has both registered and non-registered accounts. You are able to select between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both IOS and also Android. The mobile app makes the registration steps and trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD of Assets Under Management . This company has been doing business for more than 7 years and now employs roughly 600 Canadians. The primary shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to an account. Simply connect the app to a chequing or savings account with your Trade account, then add money to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be moved to your chequing or savings accounts through the exact same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers that allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your tax return online for free. It’s pitched as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets one to earn 1% cashback on all 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 offers a variety of courses on topics like saving, investing, crypto, home buying and much more.
Every one of the above features, including Wealthsimple Trade can be found on the mobile app or on their site with a single login.
How Should I Get Started Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a random share valued at up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Questions Concerning Ufile Vs Wealthsimple Tax?
If this blog post still hasn’t answered all of your questions, and you’re searching for further facts about Ufile Vs Wealthsimple Tax, visit the Wealthsimple website for answers to all your questions.