What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A fintech business founded in the Autumn of twenty fourteen originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed considerably over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and also ETFs without needing to pay fees. The exception is when you’re trading securities that are denominated in USD. In that case, they charge a nominal currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per trade with digital discount brokerages as was expected only a few years past.
Exactly How Much Cash do I Need to Start With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large minimum deposit amounts of 1k-$5000. This makes it impossible for the normal new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-registered account types. You are free to select between both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available on both Apple and Android. The smartphone app makes the signup phase and also trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian of Assets Under Management . These folks have been doing business for more than 7 years and also right now employs more than 600 folks. The controlling shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to add money to your account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can just as easily be withdrawn your chequing or savings accounts by using the exact same method.
What Other Features and Products Are Available?
Wealthsimple Cash – An alternative to e-Transfers that allows anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to get 1% cashback on your spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a variety of different online courses on topics like saving, investing, crypto, home buying and more.
All of the listed products, along with Wealthsimple Trade can be accessed on the app and at the website with one login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the cash value of a stock valued at $25 up to $4,500 Canadian when you add funds to your account.
What if I Still Have Additional Questions About Can’t Withdraw From Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re looking for further answers relating to Wealthsimple Invest Review Reddit, visit the Wealthsimple site to find answers to every one of your questions.