What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock and crypto trading app that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in the Fall twenty fourteen exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has improved substantially over the past eight years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers to trade both single stocks and also ETFs without having to pay commissions. The exception to this is when you’re trading stocks which are denominated in USD currency. In this case, they charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 per trade with online discount brokerages as was normal just a few years ago.
How Much in Funds Will I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1k-5K. This makes it difficult for the common new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available to download on iOS and Google Play. The app makes the enrollment steps and also the trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Legit?
. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and now employs more than 600 people. The controlling shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage operating in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add funds to your account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a few clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be moved back to your chequing or savings account by the exact same steps.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax year and file your tax return online free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to get 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of different courses on saving, investments, crypto, real estate and more.
Every one of the above products, including Wealthsimple Trade may be found on the app or on the site with a single login.
But How Can I Begin With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special registration bonus offer for our audience you’ll get the equivalent cash value of a random stock worth up to $4,500 CAD once you add funds to your account.
So What if I Still Have Questions Concerning Why Use Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re searching for additional specific information about Why Use Wealthsimple, visit the Wealthsimple site to find answers to every one of your questions.