What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, securities and crypto trading web app that distinguishes itself from other apps by charging no fees.
A fintech business founded in Autumn twenty fourteen exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has grown significantly over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors to trade both individual stocks and ETFs without needing to pay fees. The exception is when you’re trading ETFs and stocks that are listed in US Dollars. In this case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the times of paying $7-12 per each trade with digital discount brokerages as was common a couple years ago.
How Much Cash do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable minimum deposit amounts of $1,000-5K. This makes it tough for the every day investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has both registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is offered on both iOS and Google Play. The app makes the enrollment phase and the trading of stocks and ETFs super easy.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . These folks have been expanding for more than 7 years and also currently employs roughly 600 folks. The primary shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to fund an account. Just connect to a chequing or savings account with your Trade account, and fund your account in only a few clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be moved back to your chequing or savings account by using the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac E-Transfers which allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your tax return online free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows one to get 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a bunch of different courses on topics like saving, investing, crypto, home buying and much more.
Every one of the mentioned features, including Wealthsimple Trade may be accessed within the app or on the site with a single login.
How do I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus to our readers you will receive the cash value of a share worth up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Additional Questions Related to About Wealthsimple Trade?
If this article hasn’t answered each of your questions, and you’re still looking for further specific answers relating to About Wealthsimple Trade, visit the Wealthsimple website to get answers to every one of your questions.