What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, securities plus crypto trading app that sets itself apart from similar apps by charging no fees.
A online financial services business founded in Autumn of twenty fourteen originally as a robo-advisor trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors to trade single stocks and ETFs without needing to pay fees. The exception is when you’re trading ETFs and stocks which are displayed in US Dollars. In that case, they will charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay $7-12 for each trade with online discount brokerages as was the case a couple years past.
How Much in Funds do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable minimum deposit amounts of $1,000-5k. This makes it tough for the normal investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered accounts. You are free to select both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both iOS and also Google Play. The smartphone app makes the enrollment steps and also the trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been doing business for more than 7 years and at this time employs over 600 people. The main owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add funds to an account. Just connect a chequing or savings account with your Trade account, and add funds to your account in just a couple of steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can just as easily be moved back to your chequing or savings accounts through the same method.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers which allow one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online free. It’s described as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to get 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of online courses on topics like saving, investments, crypto, real estate and more.
All of the above products, including Wealthsimple Trade can be accessed on the app and at their site with your Wealthsimple login.
But How Should I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the equivalent cash value of a random stock valued at up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Additional Questions About 2019 Tax Return Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re browsing for further specific facts relating to 2019 Tax Return Wealthsimple, visit the Wealthsimple website for answers to all your questions.