What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stocks plus crypto trading platform that distinguishes itself from similar apps by charging no fees.
A leading Canadian online financial services business launched in Fall 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved considerably over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors to trade both individual stocks and also ETFs without having to pay commissions. The exception is when trading stocks and ETFs that are displayed in USD currency. In this case, they will charge a small currency conversion fee both when buying and selling. However, past us are the days of having to pay more than $7 per trade with discount brokerages as was expected just a couple years ago.
How Much Cash Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large min deposit amounts of 1k-$5,000. This makes it hard for the common investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You are free to select both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on both Apple and also Google Play. The smartphone app makes the enrollment phase and trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . These folks have been doing business for more than 7 years and also at this time employs about 600 people. The majority owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to fund a new account. Simply connect to a chequing or savings account to your Trade account, then add funds to your account in just a couple of clicks. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can also be withdrawn a chequing or savings account with the same process.
What Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-Transfers which allows anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and file your taxes online free. It’s described to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that allows one to earn 1% cashback on your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of online courses on topics like saving, investing, crypto, home buying and much more.
Every one of the listed products, along with Wealthsimple Trade may be accessed in the app or at the site with your Wealthsimple login.
How Can I Get Started With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will receive the equivalent cash value of a stock valued at up to $4,500 CAD as soon as you deposit to your account.
So What if I Still Have Additional Questions Concerning Virtual Wealth Vs Wealthsimple?
If this review still hasn’t given you the answers to each of your questions, and you’re still searching for more specific information about Virtual Wealth Vs Wealthsimple, go to the Wealthsimple website to get answers to all your questions.