What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks and crypto trading web app that differentiates itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services business founded in Fall 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has improved substantially over the previous 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and ETFs without having to pay any fees. The exception is when you’re trading securities which are displayed in USD currency. In this case, they do charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay Upwards of $7 per trade with digital discount brokerages as was normal just a couple years ago.
Exactly How Much Money Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of 1k-5K. This makes it impossible for the everyday investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One can select both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both Apple and Android. The mobile app makes the registration phase and trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD in Assets Under Management . they’ve been in business for more than 7 years and now employs over 600 people. The majority shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to deposit to your account. Simply connect the app to a chequing or savings account with your Trade account, and add money to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be moved back to a chequing or savings accounts by using the exact same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-transfers that allow one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your tax return online for free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that lets you to recieve 1% cashback on your spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a variety of different courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the mentioned features, along with Wealthsimple Trade may be found on the app or on the site with your Wealthsimple login.
How Can I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive signup bonus for our readers you will receive the cash value of a random stock worth up to $4,500 Canadian as soon as you deposit to your account.
What if I Still Have Additional Questions Related to What Is Wealthsimple Invest?
If this blog post hasn’t given you the answers to all of your questions, and you’re browsing for additional facts about What Is Wealthsimple Invest, check out the Wealthsimple site to find answers to every one of your questions.