What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock plus crypto trading app that distinguishes itself from similar apps by charging no fees.
A fintech business launched in the Autumn 2014 exclusively as a robo-advisor trading platform named Wealthsimple Invest, it has improved significantly over the previous 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers to trade both individual stocks and also ETFs without paying any fees. The exception to this is when trading stocks and ETFs that are denominated in US Dollars. In that case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 per each trade with discount brokerages as was common only a few years ago.
How Much in Funds do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable min deposit amounts of 1k-5k. This makes it hard for the every day new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is offered on both Apple and also Android. The app makes the enrollment phase and also the trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD in Assets Under Management . they’ve been expanding for more than 7 years and at this time employs about 600 people. The controlling shareholder is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to deposit to a new account. Just connect a chequing or savings account with your Trade account, and fund your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be moved to a chequing or savings accounts with the same process.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers that allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online free. It’s described to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets you to earn 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different courses on different topics such as saving, investments, crypto, real estate and more.
Each of the listed features, including Wealthsimple Trade can be found on the app and at the site with a single login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer for our audience you’ll receive the equivalent cash value of a stock worth up to $4,500 Canadian when you add funds to your account.
So What if I Still Have Questions Concerning What Is A Tfsa Wealthsimple?
If this article didn’t given you the answers to each of your questions, and you’re still looking for further specific facts relating to What Is A Tfsa Wealthsimple, check out the Wealthsimple site for answers to all your questions.