What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading app that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based online financial services company founded in Autumn of twenty fourteen originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved considerably over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors to trade both individual stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading securities which are denominated in US Dollars. In this case, they do charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay Upwards of $7 for each trade with discount brokerages as was normal only a few years past.
Exactly How Much in Funds do I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large initial deposit amounts of 1k-$5000. This makes it hard for the common investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has both registered and non-CRA-registered account types. You can choose between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on both Apple and Google Play. The mobile app makes the signup steps and the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). These folks have been in business for more than 7 years and right now employs over 600 folks. The majority owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add funds to your new account. Just connect a chequing or savings account with your Trade account, and add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can also be moved to a chequing or savings accounts using the exact same method.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers that allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your tax return online free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which lets you to earn 1% cashback on your purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of online courses on topics like saving, investments, crypto, mortgages and much more.
Each of the above products, including Wealthsimple Trade may be accessed within the app or at the site with one login.
But How Should I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the equivalent cash value of a random stock valued at up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions Related to What Are Wealthsimple Fees?
If this review didn’t answered all of your questions, and you’re still searching for more specific facts relating to What Are Wealthsimple Fees, check out the Wealthsimple website to get answers to each your questions.