What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A fintech company launched in Autumn 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers to trade both stand alone stocks and ETFs without having to pay any fees. The exception to this is when you’re trading stocks and ETFs which are displayed in USD currency. In this case, they charge a small currency conversion fee when buying and selling. But, gone are the times of having to pay more than $7 per trade with digital discount brokerages as was the case a few years past.
Exactly How Much in Funds Will I Need in Order to Start on Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large initial deposit amounts of 1k-5k. This makes it tough for the normal investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available on IOS and also Android. The app makes the signup phase and trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and now employs about 600 people. The majority owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to deposit to your account. Just connect a chequing or savings account to your Trade account, then add money to your account in only a few steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can just as easily be moved back to your chequing or savings accounts by the same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-Transfers which allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your tax return online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to earn 1% cashback on your purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of different online courses on saving, investments, crypto, real estate and more.
All of the listed products, including Wealthsimple Trade may be found in the app and at their website with one login.
So How Can I Begin With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive registration bonus offer for our audience you’ll receive the equivalent cash value of a random share valued at up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Additional Questions Concerning Understanding Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re browsing for further specific facts relating to Understanding Wealthsimple, visit the Wealthsimple website to get answers to every one of your questions.