What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A fintech business founded in Fall 2014 exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has improved significantly over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors to trade individual stocks and ETFs without paying fees. The exception to this is when trading stocks and ETFs that are listed in US Dollars. In this case, they will charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per each trade with online discount brokerages as was the norm just a couple years past.
Exactly How Much Cash Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have large initial deposit amounts of 1K-$5,000. This makes it difficult for the every day investor to start. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-registered accounts. One can select between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is offered on both IOS and also Google Play. The app makes the registration steps and the trading of stocks and ETFs very painless.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and right now employs about 600 people. The controlling owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add money to an account. Simply connect a chequing or savings account with your Trade account, then fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can the same way can be withdrawn your chequing or savings account by using the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to e-transfers which allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your taxes online free. It’s advertised to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to get 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of different courses on different topics such as saving, investments, crypto, real estate and more.
All of the mentioned features, including Wealthsimple Trade can be found in the app or on their website with a single login.
So How do I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus offer for our audience you’ll get the cash value of a random share worth up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Concerning 1 Free Stock Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re looking for additional facts about 1 Free Stock Wealthsimple, go to the Wealthsimple site to find answers to all your questions.