What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A leading Canadian fintech business founded in Autumn of 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has evolved significantly over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade single stocks and ETFs without paying any commissions. The exception is when trading securities that are displayed in USD. In which case, they will charge a currency conversion fee both when buying and selling. But, gone are the times of paying more than $7 per each trade with digital discount brokerages as was the norm a couple years past.
How Much in Funds Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large minimum deposit amounts of 1k-5K. This makes it hard for the every day investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has registered and non-registered accounts. You can choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on iOS and also Google Play. The app makes the signup steps and also trading of stocks and ETFs incredibly a breeze.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and currently employs more than 600 Canadians. The controlling owner is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to deposit to an account. Simply connect the app to a chequing or savings account with your Trade account, and add money to your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can just as easily be moved back to your chequing or savings accounts by the same steps.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers which allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to earn 1% cashback on your spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of different online courses on different topics such as saving, investments, crypto, home buying and much more.
Each of the above products, along with Wealthsimple Trade may be accessed in the mobile app and from the website with a single login.
But How Can I Start Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special registration bonus offer to our readers you will receive the cash value of a random share worth up to $4,500 CAD when you deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Management Fee?
If this review still hasn’t given you the answers to all of your questions, and you’re still browsing for more information relating to Can You Trade Options On Wealthsimple Trade, check out the Wealthsimple site for answers to every one of your questions.