What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading platform that distinguishes itself from similar apps by charging absolutely no fees.
A fintech business founded in the Autumn 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has grown considerably over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors to trade single stocks and also ETFs without having to pay fees. The exception to this is when trading stocks that are listed in USD. In this case, they do charge a nominal currency conversion fee both when buying and selling. However, gone are the times of having to pay $7-12 per each trade with online discount brokerages as was normal only a couple years past.
How Much Money Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large min deposit amounts of $1000-5K. This makes it impossible for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered account types. One can choose between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on Apple and also Android. The mobile app makes the enrollment process and also trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and employs over 600 people. The primary owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to fund an account. Simply connect the app to a chequing or savings account to your Trade account, and then fund your account in just a few steps. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can also be moved back to your chequing or savings account using the exact same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to e-transfers that allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and file your taxes online for free. It’s described to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to earn 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of different courses on different topics such as saving, investments, crypto, home buying and much more.
All of the above features, including Wealthsimple Trade can be found in the app and at their website with your Wealthsimple login.
How Can I Get Started Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special signup bonus for our readers you’ll get the cash value of a stock worth up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Questions Concerning Wealthsimple Market Cap?
If this review didn’t given you the answers to all of your questions, and you’re looking for additional info relating to Does Wealthsimple Trade For You, check out the Wealthsimple website to get answers to every one of your questions.