What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading platform that distinguishes itself from its competitors by charging no fees.
A leading Canadian fintech company launched in Fall 2014 originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has improved considerably over the last eight years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers trade both individual stocks and also ETFs without paying any commissions. The exception to this is when trading stocks and ETFs that are denominated in USD. In this case, they charge a currency conversion fee when buying and selling. However, behind us are the times of having to pay $7-12 per trade with online discount brokerages as was the case just a couple years past.
How Much Cash Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable min deposit amounts of $1000-5k. This makes it difficult for the common investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered account types. You may select between both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered on Apple and also Android. The mobile app makes the signup process and trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). These folks have been operating for more than 7 years and also currently employs roughly 600 Canadians. The primary shareholder is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to add funds to your account. Just connect the app to a chequing or savings account to your Trade account, and add money to your account in simply a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can also be moved to your chequing or savings accounts by the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your tax return online free. It’s advertised as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account that allows one to get 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of different online courses on different topics such as saving, investing, crypto, mortgages and much more.
Every one of the listed features, along with Wealthsimple Trade may be found in the app or at the website with your Wealthsimple login.
So How Should I Begin With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For a special registration bonus to our audience you’ll receive the cash value of a random Canadian stock worth $25 up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Questions Concerning Is Wealthsimple.legit?
If this article still hasn’t given you the answers to each of your questions, and you’re still looking for further specific answers about Is Wealthsimple.legit, visit the Wealthsimple site for answers to all your questions.