What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading platform that distinguishes itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services business launched in the Fall of twenty fourteen exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved significantly over the previous eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors trade individual stocks and ETFs without paying any fees. The exception to this is when you’re trading stocks and ETFs that are denominated in US Dollars. In which case, they charge a currency conversion fee when buying and selling. However, past us are the days of paying $7-12 per trade with discount brokerages as was common a couple years ago.
How Much in Funds do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large min deposit amounts of $1,000-$5000. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available registered and non-registered account types. You are able to choose both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered on IOS and also Google Play. The smartphone app makes the signup phase and trading of stocks and ETFs simple.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and currently employs roughly 600 folks. The majority owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to deposit to an account. Simply connect a chequing or savings account with your Trade account, and add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can also be withdrawn your chequing or savings accounts using the exact same method.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to E-Transfers which allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets one to recieve 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of different courses on topics like saving, investing, crypto, mortgages and more.
Every one of the listed products, including Wealthsimple Trade can be found within the mobile app or at their website with one login.
How Should I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus to our readers you will get the cash value of a random share valued at up to $4,500 CAD when you add funds to your account.
So What if I Still Have Questions About Wealthsimple Youth Account?
If this review hasn’t answered all of your questions, and you’re searching for more information about Wealthsimple Youth Account, check out the Wealthsimple website to get answers to every one of your questions.