What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading app that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based fintech business launched in Autumn of 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has grown significantly over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers to trade stand alone stocks and also ETFs without having to pay commissions. The exception is when you’re trading ETFs and stocks which are listed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per trade with online discount brokerages as was expected just a few years ago.
How Much Cash do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large min deposit amounts of $1000-5k. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available to download on both IOS and Android. The app makes the signup process and trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management . They have been in business for more than 7 years and now employs more than 600 people. The main owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to add money to your new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can the same way can be moved to your chequing or savings account through the exact same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your tax return online free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which lets one to get 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a ton of different online courses on different topics such as saving, investments, crypto, real estate and more.
All of the listed features, along with Wealthsimple Trade may be accessed inside the mobile app and on their website with a single login.
So How Should I Begin With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For an exclusive signup bonus for our audience you will receive the cash value of a stock valued at up to $4,500 CAD as soon as you deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Yahoo Finance?
If this article still hasn’t given you the answers to all of your questions, and you’re still browsing for additional specific answers about Wealthsimple Yahoo Finance, check out the Wealthsimple site to get answers to all your questions.