What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in the Fall 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has grown considerably over the last 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade both stand alone stocks and ETFs without having to pay commissions. The exception to this is when trading stocks and ETFs that are displayed in USD. In that case, they do charge a small currency conversion fee when buying and selling. But, behind us are the times of having to pay more than $7 for each trade with online discount brokerages as was common just a few years past.
Exactly How Much Cash do I Need to Start With Wealthsimple Trade?
Wealthsimple is special in that they will allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large min deposit amounts of $1000-5K. This makes it difficult for the common new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has registered and non-CRA-registered accounts. You may choose both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is available on both IOS and Android. The app makes the registration steps and trading of stocks and ETFs very a breeze.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs roughly 600 people. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage to operate in Canada.
So How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to deposit to a new account. Just connect to a chequing or savings account with your Trade account, and then fund your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take just a few days. Funds can the same way can be withdrawn your chequing or savings accounts using the exact same steps.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-transfers which allows you to quickly and efficiently 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 for free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to get 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of courses on saving, investments, crypto, home buying and more.
All of the above features, along with Wealthsimple Trade can be accessed on the mobile app and on their site with one login.
How Can I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you will get the equivalent cash value of a Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions Related to Wealthsimple Withdraw Crypto?
If this review didn’t given you the answers to each of your questions, and you’re still searching for additional specific answers relating to Wealthsimple Withdraw Crypto, visit the Wealthsimple website for answers to every one of your questions.