What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in Autumn 2014 originally as a robo-advisor automated trading app called Wealthsimple Invest, it has improved significantly over the previous eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both single stocks and ETFs without having to pay commissions. The exception is when you’re trading stocks which are denominated in US Dollars. In that case, they charge a small currency conversion fee when buying and selling. But, past us are the times of paying $7-12 per each trade with discount brokerages as was normal just a few years past.
Exactly How Much Cash do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have large initial deposit amounts of 1k-5k. This makes it tough for the typical new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available registered and non-CRA-registered account types. You are free to choose both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available on iOS and Android. The smartphone app makes the signup process and trading of stocks and ETFs very easy.
Is Wealthsimple Trade Safe?
. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). They have been operating for more than 7 years and employs about 600 folks. The main shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to an account. Simply connect a chequing or savings account with your Trade account, then add money to your account in just a few clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts through the same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-transfers that allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your taxes online for free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets you to recieve 1% cashback on all your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a variety of online courses on different topics such as saving, investing, crypto, home buying and much more.
Every one of the mentioned products, including Wealthsimple Trade may be accessed on the app or from their site with your Wealthsimple login.
But How do I Begin Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus for our audience you will get the equivalent cash value of a Canadian stock worth up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Questions Concerning Vanguard Vs Wealthsimple?
If this review still hasn’t given you the answers to each of your questions, and you’re still looking for more answers relating to Vanguard Vs Wealthsimple, visit the Wealthsimple website to find answers to each your questions.