What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock and crypto trading web app that differentiates itself from other apps by charging no fees.
A leading Canadian online financial services business launched in the Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved considerably over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers trade both individual stocks and ETFs without needing to pay any commissions. The exception is when trading stocks and ETFs which are listed in USD currency. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of paying more than $7 per trade with digital discount brokerages as was the norm only a few years ago.
How Much Cash do I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable minimum deposit amounts of $1,000-$5000. This makes it tough for the normal new investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-registered account types. You may select between both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on IOS and also Android. The smartphone app makes the registration phase and the trading of stocks and ETFs very a breeze.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and also employs about 600 people. The primary shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to deposit to a new account. Just connect a chequing or savings account with your Trade account, and then add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts by the exact same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-transfers which allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and submit your tax return online for free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to earn 1% cashback on all your purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of different online courses on saving, investments, crypto, real estate and much more.
Every one of the mentioned products, along with Wealthsimple Trade may be found within the mobile app and at the site with one login.
How do I Begin With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the cash value of a random Canadian stock worth up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions Concerning Ynab Wealthsimple?
If this review still hasn’t answered all of your questions, and you’re still browsing for more facts about Ynab Wealthsimple, go to the Wealthsimple website to get answers to every one of your questions.