What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in Fall of 2014 exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown substantially over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade both single stocks and also ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs that are displayed in US Dollars. In that case, they charge a nominal currency conversion fee both when buying and selling. But, past us are the days of having to pay more than $7 per each trade with online discount brokerages as was common just a few years past.
How Much Cash Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large min deposit amounts of 1K-$5,000. This makes it difficult for the every day investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has available both registered and non-registered accounts. One are able to select both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is offered on Apple and Google Play. The app makes the enrollment steps and the trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and employs roughly 600 folks. The majority shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to deposit to your new account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can the same way can be moved back to a chequing or savings accounts by using the same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your tax return online free. It’s pitched to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows you to earn 1% cashback on your everyday spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a variety of online courses on different topics such as saving, investments, crypto, home buying and much more.
All of the mentioned products, along with Wealthsimple Trade may be found on the app or from the site with one login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For a special registration bonus offer to our readers you’ll receive the cash value of a Canadian stock valued at up to $4,500 CAD when you fund your account.
What if I Still Have Questions Related to Bitbuy Vs Wealthsimple?
If this article didn’t given you the answers to all of your questions, and you’re still looking for further specific facts about Bitbuy Vs Wealthsimple, visit the Wealthsimple website to find answers to every one of your questions.