What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stocks plus crypto trading web app that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based online financial services company launched in Autumn 2014 originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has changed substantially over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers trade single stocks and ETFs without paying fees. The exception to this is when you’re trading stocks and ETFs that are listed in USD. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was normal a few years ago.
Exactly How Much Cash Will I Need to Start With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large initial deposit amounts of $1,000-5k. This makes it tough for the common investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has available both registered and non-registered account types. You may select between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app offered to download on iOS and Google Play. The app makes the signup process and also trading of stocks and ETFs very painless.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management . This company has been expanding for more than 7 years and currently employs more than 600 people. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to fund your account. Just connect the app to a chequing or savings account with your Trade account, and fund your account in just a couple of steps. Deposits from your bank to Wealthsimple normally take just a few days. Funds can also be moved back to your chequing or savings accounts by using the exact same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-Transfers which allow one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and submit your tax return online free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to get 1% cashback on all your spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on saving, investments, crypto, home buying and much more.
All of the listed products, including Wealthsimple Trade may be found within the app and on their website with one login.
So How Should I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special signup bonus offer for our audience you’ll receive the cash value of a random Canadian stock valued at up to $4,500 CAD when you add funds to your account.
But What if I Still Have Questions About Wealthsimple 0.5 Interest?
If this blog post didn’t answered all of your questions, and you’re browsing for further facts relating to Wealthsimple 0.5 Interest, go to the Wealthsimple site for answers to every one of your questions.