What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, securities plus crypto trading app that differentiates itself from the competition by charging absolutely no fees.
A leading Canadian online financial services business launched in the Autumn of twenty fourteen originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved significantly over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors to trade both stand alone stocks and ETFs without needing to pay any commissions. The exception is when you’re trading stocks which are listed in USD. In which case, they will charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying $7-12 per each trade with discount brokerages as was common a few years past.
How Much Cash do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large min deposit amounts of $1000-5K. This makes it tough for the common new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has both registered and non-CRA-registered accounts. You may select between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on both IOS and also Google Play. The mobile app makes the signup phase and also trading of stocks and ETFs incredibly painless.
So Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and employs about 600 folks. The controlling shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to add funds to your new account. Just connect the app to a chequing or savings account to your Trade account, and add money to your account in simply a couple of clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts with the same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-Transfers which allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your taxes online free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to earn 1% cashback on all your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of courses on different topics such as saving, investments, crypto, mortgages and much more.
Each of the mentioned features, along with Wealthsimple Trade may be found within the mobile app and at their website with your Wealthsimple login.
So How Should I Get Started With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special registration bonus to our audience you will get the cash value of a stock worth $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Questions Concerning 2020 Wealthsimple Tax?
If this article hasn’t answered each of your questions, and you’re searching for further answers about 2020 Wealthsimple Tax, check out the Wealthsimple site to find answers to each your questions.