What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading web app that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based fintech company founded in Autumn of 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has improved considerably over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading stocks which are denominated in US Dollars. In which case, they do charge a currency conversion fee when buying and selling. However, gone are the times of having to pay more than $7 per each trade with digital discount brokerages as was expected only a few years past.
How Much Cash do I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it hard for the common new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One may choose both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available to download on both iOS and also Android. The app makes the registration phase and the trading of stocks and ETFs incredibly simple.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . they’ve been expanding for more than 7 years and also right now employs more than 600 Canadians. The controlling shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add funds to your account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in just a few steps. Deposits from banks to Wealthsimple usually take a few days. Funds can the same way can be moved to a chequing or savings accounts by using the same process.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers which allows you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and submit your taxes online for free. It’s advertised as simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that allows one to get 1% cashback on your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of courses on topics like saving, investments, crypto, home buying and much more.
Each of the mentioned features, including Wealthsimple Trade may be found inside the mobile app or at their website with one login.
So How do I Begin Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special registration bonus for our audience you’ll get the equivalent cash value of a random share worth $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Additional Questions Related to Wealthsimple Alternatives?
If this blog post didn’t answered each of your questions, and you’re searching for additional specific answers relating to Wealthsimple Business Account Review, visit the Wealthsimple website for answers to each your questions.