What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading web app that distinguishes itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services company launched in the Fall of twenty fourteen exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has grown significantly over the last eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade both single stocks and also ETFs without needing to pay fees. The exception is when trading stocks and ETFs that are displayed in USD. In that case, they will charge a nominal currency conversion fee both when buying and selling. However, past us are the days of having to pay Upwards of $7 per each trade with online discount brokerages as was the case just a couple years past.
How Much in Funds Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they allow investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large minimum deposit amounts of 1k-5K. This makes it tough for the typical new investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. One are free to choose between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is available to download on IOS and Google Play. The app makes the registration process and the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs about 600 Canadians. The main owner is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add funds to an account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in only a couple of clicks. Deposits from your bank to Wealthsimple normally take only a few days. Funds can just as easily be moved to a chequing or savings accounts using the exact same steps.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac E-transfers which allow you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your tax return online free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product that allows one to recieve 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the above features, including Wealthsimple Trade can be found in the mobile app and from their site with your Wealthsimple login.
How Should I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special signup bonus offer for our readers you will get the equivalent cash value of a random share valued at $25 up to $4,500 Canadian when you deposit to your account.
So What if I Still Have Questions About What Is Wealthsimple Canada?
If this article didn’t answered each of your questions, and you’re searching for further specific information relating to What Is Wealthsimple Canada, visit the Wealthsimple site for answers to each your questions.