What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks plus crypto trading web app that distinguishes itself from similar apps by charging no fees.
A leading Canadian fintech company founded in Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed considerably over the last 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade stand alone stocks and ETFs without needing to pay any commissions. The exception is when you’re trading stocks and ETFs that are listed in US Dollars. In which case, they charge a currency conversion fee both when buying and selling. But, past us are the times of having to pay $7-12 per trade with digital discount brokerages as was the norm only a few years ago.
How Much Money Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of $1000-5K. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has available registered and non-registered accounts. You are able to choose between both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on iOS and Android. The mobile app makes the enrollment phase and the trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). they’ve been doing business for more than 7 years and also right now employs over 600 people. The majority owner is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to fund an account. Simply connect the app to a chequing or savings account with your Trade account, and fund your account in just a few clicks. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can the same way can be withdrawn your chequing or savings account through the exact same method.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-Transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your taxes online free. It’s advertised as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows you to get 1% cashback on all your spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of different online courses on saving, investments, crypto, mortgages and more.
All of the mentioned products, including Wealthsimple Trade can be accessed in the app or from the site with a single login.
But How Can I Start With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus to our audience you’ll get the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Additional Questions About Wealthsimple Options?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still looking for additional answers relating to Is Wealthsimple Free To Trade, check out the Wealthsimple website to find answers to each your questions.