What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock plus crypto trading app that sets itself apart from other apps by charging absolutely no fees.
A leading Canadian fintech business founded in the Fall of 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved substantially over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors trade both single stocks and ETFs without paying any commissions. The exception to this is when trading stocks and ETFs that are denominated in USD currency. In that case, they will charge a nominal currency conversion fee when buying and selling. But, past us are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was expected a few years past.
How Much Money do I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. Most alternative banks and discount brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it hard for the typical investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has available both registered and non-CRA-registered account types. You can choose between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available on Apple and Android. The smartphone app makes the signup steps and also trading of stocks and ETFs easy.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). they’ve been doing business for more than 7 years and currently employs roughly 600 folks. The primary shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to add funds to your account. Simply connect to a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can also be withdrawn your chequing or savings account using the same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers which allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that lets one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a bunch of online courses on saving, investing, crypto, real estate and more.
Every one of the listed features, including Wealthsimple Trade can be found within the mobile app and on the site with one login.
How do I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As an exclusive registration bonus to our audience you’ll receive the cash value of a stock valued at $25 up to $4,500 CAD once you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Wiki?
If this article didn’t given you the answers to all of your questions, and you’re still searching for more info relating to Wealthsimple Wiki, check out the Wealthsimple website for answers to all your questions.