What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stocks plus crypto trading app that distinguishes itself from the competition by charging absolutely no fees.
A fintech business founded in the Fall twenty fourteen originally as a robo-advisor automated trading app named Wealthsimple Invest, it has grown considerably over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors to trade both stand alone stocks and also ETFs without having to pay any fees. The exception is when trading securities which are denominated in US Dollars. In that case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 per each trade with digital discount brokerages as was the norm just a couple years past.
Exactly How Much in Funds do I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of just $1. Many traditional banks and brokerages have sizeable initial deposit amounts of $1,000-5K. This makes it hard for the normal investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-registered account types. One are free to choose both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is offered on iOS and also Google Play. The app makes the registration steps and trading of stocks and ETFs simple.
Is Wealthsimple Trade Legit?
. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). They have been expanding for more than 7 years and now employs roughly 600 people. The primary shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to fund an account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take just a few days. Funds can also be moved back to a chequing or savings account through the same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac e-Transfers which allows you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and file your tax return online for free. It’s pitched as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows you to get 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a ton of online courses on different topics such as saving, investing, crypto, mortgages and more.
Every one of the listed products, including Wealthsimple Trade may be found on the app and at their website with one login.
How do I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive signup bonus offer to our audience you will receive the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian when you deposit to your account.
So What if I Still Have Additional Questions Related to What Is Wealthsimple Cash?
If this article still hasn’t answered all of your questions, and you’re looking for additional answers about What Is Wealthsimple Cash, check out the Wealthsimple website to get answers to all your questions.