What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading platform that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in the Autumn twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has evolved substantially over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade individual stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading securities which are denominated in USD. In which case, they do charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of having to pay Upwards of $7 per trade with digital discount brokerages as was the case a few years past.
How Much Money do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large minimum deposit amounts of $1,000-5k. This makes it tough for the common investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One can select between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available on both IOS and Android. The mobile app makes the signup steps and also the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and employs over 600 people. The controlling owner is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to fund an account. Simply connect to a chequing or savings account to your Trade account, and then add money to your account in only a couple of clicks. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts using the same process.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-Transfers that allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and submit your tax return online for free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account that lets you to recieve 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of different courses on topics like saving, investing, crypto, real estate and more.
Each of the listed products, including Wealthsimple Trade may be found in the app and at the website with one login.
But How Can I Begin Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will receive the equivalent cash value of a share worth up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions Related to Wealthsimple Yield Meaning?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still searching for further info relating to Norbert’s Gambit Wealthsimple Trade, go to the Wealthsimple website for answers to each your questions.