What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading web app that sets itself apart from the competition by charging absolutely no fees.
A online financial services company founded in Fall of twenty fourteen originally as a robo-advisor trading app named Wealthsimple Invest, it has improved considerably over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade both individual stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks and ETFs that are denominated in US Dollars. In that case, they charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay Upwards of $7 for each trade with digital discount brokerages as was the norm a few years past.
How Much Money Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large initial deposit amounts of 1K-$5000. This makes it hard for the typical new investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. You are free to select both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on both IOS and also Android. The app makes the registration phase and the trading of stocks and ETFs truly painless.
Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and now employs over 600 folks. The majority shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add money to your new account. Just connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be moved back to a chequing or savings account by the same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-transfers which allows you to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your tax return online for free. It’s described to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to recieve 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a bunch of different courses on different topics such as saving, investments, crypto, mortgages and more.
Each of the above products, including Wealthsimple Trade can be accessed on the app or on the site with a single login.
But How do I Start Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you’ll get the cash value of a random stock worth $25 up to $4,500 Canadian as soon as you deposit to your account.
So What if I Still Have Additional Questions About Wealthsimple 2020 Tax Return?
If this article still hasn’t given you the answers to each of your questions, and you’re still searching for further specific facts about Reddit Wealthsimple Trade, go to the Wealthsimple site to find answers to every one of your questions.