What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A leading Canadian fintech company launched in the Fall 2014 originally as a robo advisor automated trading app called Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and ETFs without needing to pay commissions. The exception is when trading securities which are listed in USD. In that case, they will charge a currency conversion fee when buying and selling. But, behind us are the times of having to pay more than $7 for each trade with discount brokerages as was common a few years past.
How Much Cash Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable minimum deposit amounts of $1,000-$5,000. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on Apple and Android. The app makes the registration process and also the trading of stocks and ETFs super easy.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). they’ve been operating for more than 7 years and also employs more than 600 people. The main owner is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to fund a new account. Just connect the app to a chequing or savings account with your Trade account, and add funds to your account in simply a few steps. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can also be withdrawn a chequing or savings accounts by the exact same method.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-transfers that allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets one to recieve 1% cashback on your purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different online courses on topics like saving, investing, crypto, real estate and much more.
All of the above products, along with Wealthsimple Trade can be found in the mobile app and at their site with your Wealthsimple login.
How Should I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive registration bonus for our readers you’ll receive the equivalent cash value of a share valued at $25 up to $4,500 Canadian when you fund your account.
So What if I Still Have Additional Questions About Who Owns Wealthsimple?
If this article hasn’t answered all of your questions, and you’re still looking for further info relating to Who Owns Wealthsimple, go to the Wealthsimple website for answers to all your questions.