What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock and crypto trading app that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based fintech company founded in the Fall of twenty fourteen originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without paying any fees. The exception is when trading stocks and ETFs that are denominated in US Dollars. In that case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the days of having to pay $7-12 per each trade with discount brokerages as was expected just a few years ago.
How Much Money Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have large initial deposit amounts of 1K-5k. This makes it difficult for the normal new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. You are free to choose both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered on both IOS and Google Play. The app makes the registration phase and trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Legit?
. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management . they’ve been doing business for more than 7 years and at this time employs more than 600 folks. The controlling owner is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to fund your new account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can just as easily be moved to a chequing or savings account by the same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online free. It’s pitched to be simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which lets you to get 1% cashback on your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a ton of different online courses on different topics such as saving, investments, crypto, mortgages and much more.
Each of the mentioned products, including Wealthsimple Trade can be accessed in the mobile app and at the website with a single login.
How Should I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For an exclusive signup bonus to our readers you’ll receive the cash value of a random stock valued at up to $4,500 CAD when you fund your account.
So What if I Still Have Questions About Koho Vs Wealthsimple Cash?
If this article still hasn’t given you the answers to each of your questions, and you’re searching for more specific answers about Buying Us Stocks On Wealthsimple Trade, check out the Wealthsimple site to get answers to all your questions.