What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading platform that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based fintech company founded in Fall of twenty fourteen originally as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed significantly over the past eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without having to pay fees. The exception to this is when trading stocks and ETFs which are denominated in US Dollars. In which case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the days of having to pay Upwards of $7 per each trade with discount brokerages as was expected just a couple years past.
Exactly How Much in Funds do I Need in Order to Start on Wealthsimple Trade?
Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large minimum deposit amounts of 1k-$5000. This makes it impossible for the everyday new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are free to choose both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on iOS and also Google Play. The smartphone app makes the signup process and the trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and right now employs more than 600 people. The controlling shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to add funds to a new account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in simply a couple of clicks. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can the same way can be moved to your chequing or savings account by the exact same method.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac E-transfers which allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your tax return online free. It’s described to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that lets one to get 1% cashback on all your purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a ton of courses on different topics such as saving, investments, crypto, real estate and much more.
Each of the above features, including Wealthsimple Trade can be accessed on the app and on the website with your Wealthsimple login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the equivalent cash value of a random share valued at up to $4,500 CAD once you add funds to your account.
So What if I Still Have Questions Related to Wealthsimple 100k?
If this article didn’t answered each of your questions, and you’re still browsing for further answers relating to Wealthsimple 100k, go to the Wealthsimple site to get answers to every one of your questions.