What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, securities plus crypto trading app that distinguishes itself from similar apps by charging no fees.
A online financial services company launched in Fall twenty fourteen originally as a robo advisor automated trading app named Wealthsimple Invest, it has changed considerably over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors to trade both stand alone stocks and also ETFs without needing to pay fees. The exception to this is when you’re trading stocks that are listed in USD. In that case, they charge a currency conversion fee when buying and selling. However, behind us are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was normal a few years past.
How Much Money do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large minimum deposit amounts of $1000-$5,000. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available both registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered on both iOS and Google Play. The smartphone app makes the registration steps and the trading of stocks and ETFs very painless.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD of Assets Under Management . They have been doing business for more than 7 years and at this time employs over 600 folks. The controlling shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to add money to a new account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved to a chequing or savings accounts by using the same process.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An alternative to e-transfers which allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your tax return online for free. It’s described to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows you to recieve 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of different courses on topics like saving, investing, crypto, real estate and much more.
Every one of the mentioned products, along with Wealthsimple Trade may be accessed on the app and on their site with a single login.
So How Should I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you will receive the cash value of a share valued at $25 up to $4,500 CAD when you deposit to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Vs Questrade?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still browsing for further specific facts about Wealthsimple Vs Questrade, check out the Wealthsimple site to find answers to all your questions.