What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading app that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based fintech company launched in Fall 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has grown significantly over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and ETFs without paying commissions. The exception to this is when trading stocks which are displayed in USD currency. In that case, they do charge a small currency conversion fee both when buying and selling. However, gone are the times of paying $7-12 per each trade with online discount brokerages as was the norm only a couple years past.
How Much in Funds do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have large min deposit amounts of 1K-$5000. This makes it hard for the common investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade offers both registered and non-CRA-registered account types. One are able to select both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered to download on IOS and also Android. The smartphone app makes the enrollment steps and also trading of stocks and ETFs super simple.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management . This company has been expanding for more than 7 years and also now employs over 600 folks. The controlling shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add funds to an account. Simply connect the app to a chequing or savings account with your Trade account, then add money to your account in only a few steps. Deposits from your bank to Wealthsimple typically take just a few days. Funds can the same way can be moved back to a chequing or savings accounts through the same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers which allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and file your taxes online free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows you to recieve 1% cashback on your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of online courses on topics like saving, investments, crypto, real estate and more.
Every one of the mentioned features, along with Wealthsimple Trade may be found inside the app and at the website with one login.
How do I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will receive the cash value of a random Canadian stock valued at up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Questions Concerning Xpev Wealthsimple?
If this review didn’t answered all of your questions, and you’re still looking for additional specific answers about Xpev Wealthsimple, go to the Wealthsimple website for answers to all your questions.