What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock plus crypto trading app that sets itself apart from other apps by charging no fees.
A fintech business launched in Autumn of twenty fourteen originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has evolved substantially over the previous eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade single stocks and ETFs without paying commissions. The exception to this is when trading stocks and ETFs which are denominated in USD currency. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, gone are the days of having to pay more than $7 per each trade with online discount brokerages as was the case a few years past.
How Much Money do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of $1,000-5k. This makes it hard for the normal investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One may choose between both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available to download on both iOS and also Android. The mobile app makes the signup phase and also trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and now employs more than 600 folks. The majority shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to add funds to an account. Simply connect a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can just as easily be moved back to a chequing or savings account using the exact same steps.
What Additional Features and Products Does Wealthsimple Offer?
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 need to prepare for this tax year and submit your tax return online free. It’s advertised to be simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that lets one to recieve 1% cashback on all your everyday spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of courses on saving, investing, crypto, home buying and more.
Every one of the above products, including Wealthsimple Trade may be found in the app or from the site with one login.
But How Should I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special signup bonus offer to our readers you will receive the equivalent cash value of a share worth up to $4,500 CAD as soon as you add funds to your account.
So What if I Still Have Questions About Wealthsimple Venture Fund?
If this review hasn’t given you the answers to all of your questions, and you’re still searching for more information about Wealthsimple Venture Fund, check out the Wealthsimple site to find answers to each your questions.