What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading web app that distinguishes itself from its competitors by charging no fees.
A leading Canadian fintech company launched in the Autumn of 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has improved substantially over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both single stocks and also ETFs without having to pay fees. The exception is when you’re trading securities that are listed in USD. In that case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 for each trade with digital discount brokerages as was common only a couple years ago.
Exactly How Much Cash do I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5000. This makes it difficult for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-registered account types. You may choose between both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available to download on Apple and also Google Play. The app makes the enrollment steps and the trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). This company has been in business for more than 7 years and employs roughly 600 folks. The majority owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add money to an account. Just connect to a chequing or savings account to your Trade account, and add funds to your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can also be withdrawn a chequing or savings account using the same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-Transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and submit your tax return online free. It’s pitched as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which lets you to get 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different courses on topics like saving, investing, crypto, real estate and more.
Each of the mentioned features, including Wealthsimple Trade can be accessed in the app and on the website with a single login.
How do I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special signup bonus offer for our audience you’ll get the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Additional Questions About Wealthsimple In Us?
If this article hasn’t answered all of your questions, and you’re still looking for additional specific answers about Questrade Vs Wealthsimple Trade, visit the Wealthsimple site for answers to all your questions.