What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A leading Canadian online financial services company founded in Autumn 2014 exclusively as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved considerably over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade stand alone stocks and ETFs without paying any commissions. The exception is when trading stocks and ETFs that are listed in USD. In which case, they charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 for each trade with digital discount brokerages as was normal a couple years ago.
Exactly How Much Money Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of just $1. Many alternative banks and brokerages have large initial deposit amounts of $1000-5k. This makes it hard for the normal investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has available both registered and non-CRA-registered account types. You are free to select both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on Apple and also Android. The smartphone app makes the registration phase and also trading of stocks and ETFs simple.
But Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management . they’ve been doing business for more than 7 years and also employs about 600 people. The primary owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add funds to a new account. Just connect the app to a chequing or savings account with your Trade account, then fund your account in only a couple of clicks. Deposits from your bank to Wealthsimple typically take just a few days. Funds can the same way can be moved to your chequing or savings account using the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers that allows one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and submit your tax return online free. It’s advertised as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account that allows you to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of courses on different topics such as saving, investments, crypto, mortgages and much more.
Each of the listed products, along with Wealthsimple Trade may be accessed on the mobile app and from their website with a single login.
So How do I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus offer to our audience you will get the equivalent cash value of a share worth up to $4,500 Canadian when you deposit to your account.
What if I Still Have Additional Questions Related to Wealthsimple Vs Vgro?
If this article didn’t answered all of your questions, and you’re looking for more answers about Wealthsimple Vs Vgro, check out the Wealthsimple website to get answers to all your questions.