What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading platform that differentiates itself from its competitors by charging no fees.
A online financial services company founded in the Fall 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has evolved substantially over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade stand alone stocks and also ETFs without needing to pay commissions. The exception is when trading stocks which are denominated in US Dollars. In that case, they will charge a currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 for each trade with online discount brokerages as was the norm just a few years past.
How Much Cash Will I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of 1K-5K. This makes it impossible for the typical investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You may select both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app offered on both iOS and Android. The mobile app makes the registration steps and also the trading of stocks and ETFs easy.
But Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). These folks have been doing business for more than 7 years and currently employs more than 600 people. The controlling shareholder is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add money to a new account. Simply connect to a chequing or savings account with your Trade account, and fund your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can the same way can be moved back to your chequing or savings account by the same steps.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers which allows anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and submit your taxes online free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that allows one to get 1% cashback on your spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of courses on topics like saving, investments, crypto, real estate and much more.
Each of the listed features, including Wealthsimple Trade may be found in the mobile app and from the site with your Wealthsimple login.
How Should I Begin Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the equivalent cash value of a random Canadian stock worth up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions About Tax Wealthsimple?
If this article hasn’t given you the answers to each of your questions, and you’re looking for additional specific facts relating to Is Wealthsimple Trade Good For Day Trading, visit the Wealthsimple website to get answers to all your questions.