What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Autumn twenty fourteen originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed significantly over the last eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without paying commissions. The exception is when trading securities that are listed in USD. In which case, they charge a small currency conversion fee when buying and selling. However, behind us are the times of having to pay more than $7 per each trade with digital discount brokerages as was expected a few years ago.
How Much in Funds Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it hard for the typical new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available CRA registered and non-registered account types. You may select between both RRSP and TFSA account types during the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is offered on both Apple and Google Play. The mobile app makes the enrollment phase and also trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . This company has been operating for more than 7 years and at this time employs more than 600 people. The main shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add funds to your account. Just connect to a chequing or savings account with your Trade account, then fund your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can also be moved to your chequing or savings accounts by using the exact same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-transfers which allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your taxes online free. It’s described to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which lets one to get 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of courses on different topics such as saving, investments, crypto, mortgages and more.
Each of the above products, including Wealthsimple Trade can be found within the app and at their website with your Wealthsimple login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll get the equivalent cash value of a random share valued at $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.
So What if I Still Have Questions About Wealthsimple Crypto?
If this review still hasn’t given you the answers to each of your questions, and you’re looking for additional specific info about Wealthsimple Day Trading Review, check out the Wealthsimple website to find answers to all your questions.