What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities plus crypto trading platform that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in Fall of twenty fourteen exclusively as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs which are listed in USD currency. In which case, they charge a small currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 for each trade with digital discount brokerages as was normal just a couple years ago.
How Much Cash do I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have large initial deposit amounts of $1,000-$5000. This makes it hard for the common investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. One are able to choose both RRSP and TFSA account types during the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available to download on both IOS and also Google Play. The mobile app makes the enrollment steps and trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and also currently employs roughly 600 people. The primary owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add money to an account. Just connect to a chequing or savings account with your Trade account, then fund your account in simply a few clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can the same way can be moved back to your chequing or savings accounts by the exact same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-Transfers that allows one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and submit your taxes online for free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to get 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a bunch of courses on different topics such as saving, investing, crypto, real estate and more.
Each of the mentioned features, along with Wealthsimple Trade can be accessed in the app and on the website with one login.
How Can I Start With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you will receive the cash value of a Canadian stock valued at up to $4,500 CAD once you add funds to your account.
But What if I Still Have Questions Related to What Is Wealthsimple Tax?
If this article hasn’t given you the answers to all of your questions, and you’re still searching for further specific info relating to What Is Wealthsimple Tax, visit the Wealthsimple website to find answers to all your questions.