What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock plus crypto trading app that differentiates itself from the competition by charging no fees.
A leading Canadian fintech business founded in the Autumn twenty fourteen originally as a robo advisor trading app named Wealthsimple Invest, it has evolved significantly over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both stand alone stocks and ETFs without having to pay fees. The exception is when you’re trading securities which are denominated in USD currency. In this case, they charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay more than $7 per each trade with digital discount brokerages as was normal only a few years ago.
How Much Cash Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large initial deposit amounts of 1k-5k. This makes it impossible for the every day investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app available on iOS and Android. The mobile app makes the enrollment process and also trading of stocks and ETFs super simple.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and at this time employs roughly 600 folks. The controlling owner is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to fund your account. Just connect a chequing or savings account to your Trade account, and then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can just as easily be moved to your chequing or savings accounts using the exact same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-transfers which allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your taxes online for free. It’s advertised to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of courses on saving, investing, crypto, real estate and much more.
All of the above features, along with Wealthsimple Trade can be accessed in the mobile app or on the website with one login.
How Can I Get Started With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special registration bonus to our audience you will get the cash value of a random share worth up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Questions Concerning Wealthsimple Work?
If this article didn’t answered all of your questions, and you’re still browsing for additional answers relating to Wealthsimple Work, check out the Wealthsimple site to get answers to all your questions.