What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities and crypto trading app that differentiates itself from its competitors by charging absolutely no fees.
A fintech business launched in Autumn of 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has grown substantially over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers to trade both individual stocks and also ETFs without paying fees. The exception to this is when you’re trading stocks and ETFs which are denominated in US Dollars. In which case, they do charge a small currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 per each trade with discount brokerages as was the norm just a couple years ago.
Exactly How Much Cash Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable minimum deposit amounts of 1k-5k. This makes it difficult for the normal investor to start. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on both IOS and Android. The smartphone app makes the signup steps and also the trading of stocks and ETFs super simple.
So Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . they’ve been operating for more than 7 years and also at this time employs roughly 600 Canadians. The majority owner is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to add money to an account. Just connect a chequing or savings account with your Trade account, and add funds to your account in only a few steps. Deposits from banks to Wealthsimple usually take a couple of days. Funds can also be withdrawn a chequing or savings account by using the same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers that allow anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and file your taxes online for free. It’s advertised as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you 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 platform which includes a bunch of courses on saving, investing, crypto, home buying and more.
Each of the above features, along with Wealthsimple Trade can be accessed inside the mobile app or from their website with a single login.
But How Should I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will get the equivalent cash value of a random share worth $25 up to $4,500 Canadian once you add funds to your account.
So What if I Still Have Questions Related to Wealthsimple Xlm?
If this blog post didn’t answered each of your questions, and you’re still looking for more information relating to Wealthsimple Xlm, go to the Wealthsimple website for answers to all your questions.