What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that differentiates itself from its competitors by charging no fees.
A leading Canadian online financial services company founded in Autumn twenty fourteen originally as a robo advisor trading app named Wealthsimple Invest, it has changed significantly over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers to trade individual stocks and ETFs without needing to pay fees. The exception is when trading stocks which are displayed in USD currency. In that case, they do charge a small currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 per trade with online discount brokerages as was common just a few years ago.
Exactly How Much in Funds do I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large initial deposit amounts of 1k-5K. This makes it tough for the typical investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has available both registered and non-CRA-registered accounts. One are free to choose both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is available on iOS and also Google Play. The smartphone app makes the registration phase and trading of stocks and ETFs very simple.
Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). they’ve been doing business for more than 7 years and at this time employs roughly 600 people. The controlling shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund a new account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in just a few steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved to a chequing or savings account using the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-transfers which allow one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and submit your taxes online free. It’s described as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to recieve 1% cashback on all your purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a variety of courses on different topics such as saving, investing, crypto, real estate and much more.
Each of the listed features, including Wealthsimple Trade may be accessed in the mobile app or at the website with one login.
How do I Start Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus for our audience you will receive the equivalent cash value of a share worth up to $4,500 CAD when you fund your account.
What if I Still Have Additional Questions Concerning Wealthsimple 101?
If this review hasn’t given you the answers to each of your questions, and you’re still browsing for additional answers about Wealthsimple 101, visit the Wealthsimple site for answers to each your questions.