What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock plus crypto trading web app that differentiates itself from similar apps by charging absolutely no fees.
A online financial services company founded in Fall of twenty fourteen exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved substantially over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and ETFs without paying commissions. The exception to this is when trading stocks which are listed in US Dollars. In this case, they do charge a currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with online discount brokerages as was expected just a couple years ago.
Exactly How Much Money Will I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large min deposit amounts of $1000-5k. This makes it tough for the everyday investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered account types. You can choose between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered to download on iOS and also Android. The app makes the signup process and also the trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). These folks have been in business for more than 7 years and now employs over 600 Canadians. The majority owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to deposit to your account. Just connect a chequing or savings account to your Trade account, and then fund your account in simply a few clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can just as easily be withdrawn a chequing or savings accounts with the same steps.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-transfers that allows you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your tax return online free. It’s advertised to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows one to get 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of online courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the mentioned features, along with Wealthsimple Trade can be accessed in the app or on their site with your Wealthsimple login.
How do I Begin With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special registration bonus to our readers you will receive the equivalent cash value of a stock valued at $25 up to $4,500 CAD once you fund your account.
So What if I Still Have Questions About Wealthsimple Vs Wealthfront?
If this review still hasn’t given you the answers to all of your questions, and you’re browsing for additional specific information about Wealthsimple Vs Wealthfront, visit the Wealthsimple site to get answers to all your questions.