What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks plus crypto trading platform that distinguishes itself from the competition by charging absolutely no fees.
A fintech company launched in Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved substantially over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets investors to trade individual stocks and ETFs without needing to pay commissions. The exception is when trading stocks which are displayed in USD. In this case, they charge a currency conversion fee when buying and selling. However, behind us are the times of paying more than $7 for each trade with online discount brokerages as was the case only a few years ago.
How Much in Funds Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable minimum deposit amounts of 1k-$5,000. This makes it tough for the normal investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers both registered and non-CRA-registered account types. You are able to choose both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available on iOS and Android. The smartphone app makes the enrollment process and the trading of stocks and ETFs painless.
So Is Wealthsimple Trade Safe?
. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs over 600 folks. The main shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to add funds to your account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can also be withdrawn a chequing or savings account by using the same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac E-transfers that allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your tax return online free. It’s advertised as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which allows you to recieve 1% cashback on your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of different online courses on different topics such as saving, investments, crypto, mortgages and much more.
Every one of the above products, along with Wealthsimple Trade can be found on the mobile app or on the site with one login.
So How Should I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you’ll get the cash value of a Canadian stock valued at up to $4,500 Canadian when you deposit to your account.
So What if I Still Have Questions Concerning Wealthsimple Vs Robinhood?
If this review still hasn’t given you the answers to all of your questions, and you’re still browsing for further specific facts about Wealthsimple Vs Robinhood, check out the Wealthsimple website to find answers to all your questions.