What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities and crypto trading app that sets itself apart from other apps by charging absolutely no fees.
A online financial services company launched in Fall of 2014 exclusively as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the past eight years to include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers trade stand alone stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading securities which are denominated in USD currency. In which case, they do charge a small currency conversion fee when buying and selling. However, behind us are the times of having to pay Upwards of $7 per each trade with digital discount brokerages as was expected only a few years ago.
How Much Money do 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 brokerages have large min deposit amounts of $1,000-$5000. This makes it hard for the every day investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered account types. You can select both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered to download on IOS and also Google Play. The mobile app makes the enrollment phase and also the trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and 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 Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add money to an account. Just connect to a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can the same way can be moved to your chequing or savings account using the same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-transfers that allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax season and file your taxes online for free. It’s described to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which lets one to earn 1% cashback on all 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 which includes a ton of different online courses on different topics such as saving, investing, crypto, mortgages and much more.
Each of the listed features, including Wealthsimple Trade may be accessed inside the mobile app or at their website with a single login.
How Should I Begin With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus to our readers you will get the equivalent cash value of a stock valued at up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions Related to Wealthsimple Assets Under Management?
If this blog post hasn’t answered each of your questions, and you’re browsing for further specific information about Wealthsimple Personal Account Review, check out the Wealthsimple website to get answers to every one of your questions.