What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading platform that distinguishes itself from its competitors by charging no fees.
A leading Canadian fintech company founded in the Autumn twenty fourteen exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has improved substantially over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and ETFs without having to pay commissions. The exception is when trading securities that are displayed in US Dollars. In this case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the days of having to pay Upwards of $7 for each trade with discount brokerages as was common a few years ago.
Exactly How Much in Funds Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have large min deposit amounts of $1000-5k. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You can select between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app available on IOS and Google Play. The mobile app makes the signup process and trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management . This company has been in business for more than 7 years and right now employs more than 600 people. The main shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to an account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved back to a chequing or savings accounts using the exact same method.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-transfers that allow one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your taxes online free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows one to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of courses on topics like saving, investments, crypto, home buying and much more.
All of the above features, including Wealthsimple Trade may be found inside the mobile app and from the website with your Wealthsimple login.
But How Can I Begin With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus for our readers you’ll get the equivalent cash value of a random Canadian stock worth up to $4,500 CAD as soon as you deposit to your account.
So What if I Still Have Questions Related to Wealthsimple 2020 Tax Return?
If this article didn’t given you the answers to each of your questions, and you’re still looking for further specific facts relating to Wealthsimple 2020 Tax Return, go to the Wealthsimple website to get answers to all your questions.