What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading platform that differentiates itself from similar apps by charging no fees.
A online financial services business launched in Autumn 2014 exclusively as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without having to pay any commissions. The exception to this is when trading stocks which are listed in US Dollars. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, gone are the days of paying $7-12 for each trade with discount brokerages as was expected a couple years past.
Exactly How Much Cash Will I Need to Start on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of $1,000-$5000. This makes it tough for the everyday investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. One are able to select both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on iOS and also Google Play. The mobile app makes the registration phase and trading of stocks and ETFs incredibly a breeze.
So Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and right now employs about 600 folks. The primary owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to fund your new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in just a couple of clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can just as easily be moved to a chequing or savings accounts with the exact same steps.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to E-transfers which allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online for free. It’s pitched to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets you to earn 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of courses on different topics such as saving, investing, crypto, home buying and more.
All of the mentioned products, along with Wealthsimple Trade can be accessed in the mobile app or on the site with a single login.
How do I Get Started Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive registration bonus to our readers you will get the cash value of a stock valued at $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Concerning Wealthsimple Usd To Cad?
If this blog post didn’t answered all of your questions, and you’re still browsing for further specific information about How To Read Wealthsimple Trade, visit the Wealthsimple site to get answers to every one of your questions.