What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading web app that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in Autumn of twenty fourteen originally as a robo-advisor automated trading app called Wealthsimple Invest, it has improved substantially over the previous 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without paying any commissions. The exception to this is when trading stocks and ETFs that are denominated in USD currency. In which case, they do charge a small currency conversion fee when buying and selling. But, behind us are the times of paying Upwards of $7 for each trade with discount brokerages as was normal only a couple years past.
Exactly How Much Money do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-$5000. This makes it difficult for the common investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One may choose both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app offered on iOS and Google Play. The mobile app makes the enrollment process and also the trading of stocks and ETFs very painless.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). This company has been doing business for more than 7 years and also right now employs over 600 people. The majority shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to fund your account. Just connect a chequing or savings account with your Trade account, then add money to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can just as easily be moved back to a chequing or savings accounts through the same steps.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to e-Transfers that allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online for free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows you to get 1% cashback on your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of courses on topics like saving, investing, crypto, home buying and more.
Every one of the above products, along with Wealthsimple Trade may be accessed on the mobile app or on their website with your Wealthsimple login.
So How do I Start Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For a special signup bonus to our audience you’ll get the cash value of a random share worth $25 up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Young And Thrifty?
If this review still hasn’t answered all of your questions, and you’re still looking for further specific facts about Wealthsimple Young And Thrifty, go to the Wealthsimple site for answers to each your questions.