What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks and crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A online financial services company founded in the Fall 2014 exclusively as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has grown substantially over the previous eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors trade both single stocks and also ETFs without paying commissions. The exception is when you’re trading stocks and ETFs which are denominated in USD currency. In that case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 per each trade with digital discount brokerages as was common only a couple years ago.
How Much Cash do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large initial deposit amounts of 1K-5k. This makes it impossible for the everyday new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has both registered and non-registered account types. You are able to choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available to download on Apple and also Google Play. The app makes the registration steps and also trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been operating for more than 7 years and now employs over 600 Canadians. The controlling shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to deposit to your account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can just as easily be withdrawn a chequing or savings account by using the same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to e-Transfers that allow anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your taxes online free. It’s pitched as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets one to get 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of online courses on saving, investing, crypto, real estate and more.
Each of the listed products, along with Wealthsimple Trade may be found on the mobile app or at their website with one login.
But How Should I Begin Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive registration bonus for our audience you’ll receive the equivalent cash value of a stock valued at up to $4,500 CAD once you deposit to your account.
So What if I Still Have Additional Questions Related to 100k In Wealthsimple?
If this review didn’t answered all of your questions, and you’re looking for additional facts about 100k In Wealthsimple, check out the Wealthsimple site to get answers to all your questions.