What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading web app that distinguishes itself from other apps by charging no fees.
A Toronto, Ontario based online financial services company founded in the Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved considerably over the last eight years to include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading stocks and ETFs that are listed in USD. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, past us are the times of paying $7-12 per trade with discount brokerages as was the norm just a few years ago.
How Much Cash do I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable initial deposit amounts of 1k-$5,000. This makes it difficult for the common investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers registered and non-registered accounts. You are able to select both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on both iOS and also Google Play. The smartphone app makes the enrollment phase and also trading of stocks and ETFs very simple.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . they’ve been operating for more than 7 years and employs roughly 600 people. The primary owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to deposit to an account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in just a few clicks. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can also be moved back to your chequing or savings account with the same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-Transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your tax return online free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of courses on topics like saving, investing, crypto, real estate and more.
All of the listed features, including Wealthsimple Trade may be found inside the app or on the website with one login.
But How Should I Start With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll get the cash value of a random Canadian stock valued at up to $4,500 CAD when you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Visa Review?
If this article still hasn’t given you the answers to each of your questions, and you’re still browsing for further specific information relating to Wealthsimple Visa Review, go to the Wealthsimple website to find answers to each your questions.