What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock and crypto trading web app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based fintech company launched in the Autumn of 2014 exclusively as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade stand alone stocks and ETFs without paying commissions. The exception to this is when you’re trading ETFs and stocks that are listed in USD. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per trade with digital discount brokerages as was expected only a couple years past.
How Much in Funds do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-5K. This makes it difficult for the typical investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade offers registered and non-registered account types. You are free to choose between both RRSP and TFSA account types during the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on both Apple and also Android. The app makes the enrollment phase and also the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management . they’ve been in business for more than 7 years and right now employs roughly 600 people. The main owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to deposit to your new account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can the same way can be withdrawn a chequing or savings accounts by using the same method.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac E-Transfers that allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your tax return online for free. It’s described as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that allows one to recieve 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of courses on topics like saving, investments, crypto, mortgages and more.
Each of the above features, including Wealthsimple Trade may be found on the mobile app and at the website with a single login.
How Should I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For an exclusive registration bonus offer to our audience you’ll get the equivalent cash value of a random Canadian stock worth up to $4,500 CAD as soon as you fund your account.
So What if I Still Have Additional Questions Related to What Crypto Is On Wealthsimple?
If this blog post still hasn’t answered each of your questions, and you’re still searching for more answers about What Crypto Is On Wealthsimple, check out the Wealthsimple site to get answers to each your questions.