What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, securities plus crypto trading platform that sets itself apart from its competitors by charging no fees.
A fintech business launched in the Fall twenty fourteen exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has grown significantly over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without needing to pay commissions. The exception to this is when trading stocks and ETFs that are displayed in USD. In that case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of paying $7-12 per trade with digital discount brokerages as was the norm a few years past.
Exactly How Much Money do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable initial deposit amounts of 1k-$5000. This makes it difficult for the every day investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on iOS and Android. The mobile app makes the registration process and the trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and currently employs about 600 people. The controlling owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage to operate in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add money to your new account. Simply connect the app to a chequing or savings account to your Trade account, and add money to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take only a few days. Funds can the same way can be moved back to a chequing or savings accounts with the same steps.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to E-transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and submit your taxes online for free. It’s described to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account that lets one to get 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a bunch of different online courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the listed features, along with Wealthsimple Trade may be found in the mobile app or on the website with one login.
But How Should I Get Started With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Concerning Wealthsimple Medium?
If this article hasn’t answered each of your questions, and you’re still searching for more specific answers relating to Do You Get Dividends On Wealthsimple Trade, visit the Wealthsimple website for answers to every one of your questions.