What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock plus crypto trading platform that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in Autumn 2014 originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and also ETFs without having to pay any commissions. The exception is when you’re trading securities that are denominated in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the days of having to pay Upwards of $7 for each trade with digital discount brokerages as was expected only a few years past.
Exactly How Much Money do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of just $1. Many traditional banks and discount brokerages have quite large minimum deposit amounts of 1K-5k. This makes it impossible for the normal investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available registered and non-registered account types. One are free to choose between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available on both Apple and also Android. The mobile app makes the registration phase and trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). They have been operating for more than 7 years and also employs about 600 people. The primary shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to add funds to an account. Just connect to a chequing or savings account with your Trade account, then add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can just as easily be moved to a chequing or savings accounts using the same process.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your tax return online for free. It’s described as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which allows one to earn 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a ton of different online courses on saving, investing, crypto, home buying and more.
Every one of the mentioned features, along with Wealthsimple Trade can be accessed on the app or on their site with a single login.
How Should I Begin Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the equivalent cash value of a share valued at up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions Related to Air Miles Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still browsing for further info about Air Miles Wealthsimple, go to the Wealthsimple site for answers to every one of your questions.