What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock plus crypto trading app that distinguishes itself from its competitors by charging no fees.
A Toronto, Ontario based fintech company launched in the Autumn of 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has improved substantially over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors to trade both stand alone stocks and ETFs without paying commissions. The exception is when trading stocks which are displayed in USD currency. In this case, they will charge a small currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 per each trade with digital discount brokerages as was expected only a couple years ago.
How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable initial deposit amounts of 1k-$5000. This makes it hard for the typical investor to start. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers registered and non-CRA-registered account types. You are able to choose between both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app available on both Apple and Google Play. The smartphone app makes the signup process and the trading of stocks and ETFs painless.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). This company has been expanding for more than 7 years and employs roughly 600 folks. The majority shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to add money to your new account. Simply connect to a chequing or savings account with your Trade account, and then fund your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take only a few days. Funds can also be moved to your chequing or savings account using the same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your taxes online for free. It’s described as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows you to get 1% cashback on your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different courses on saving, investing, crypto, real estate and more.
Each of the above features, along with Wealthsimple Trade can be accessed inside the app or from their website with a single login.
So How Can I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive signup bonus offer for our audience you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 Canadian once you add funds to your account.
What if I Still Have Questions Concerning Wealthsimple Down?
If this blog post didn’t answered all of your questions, and you’re looking for additional info about Wealthsimple Impot Review, visit the Wealthsimple website to get answers to each your questions.