What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks plus crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Fall of 2014 exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has improved significantly over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers to trade both single stocks and ETFs without needing to pay any commissions. The exception to this is when trading ETFs and stocks that are displayed in US Dollars. In which case, they do charge a currency conversion fee when buying and selling. But, gone are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was expected a couple years past.
How Much Money Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have large min deposit amounts of $1,000-5K. This makes it impossible for the normal new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-registered account types. You are free to select both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app available on Apple and also Google Play. The mobile app makes the signup steps and also trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). They have been doing business for more than 7 years and right now employs about 600 Canadians. The primary owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to your new account. Simply connect a chequing or savings account to your Trade account, then fund your account in just a couple of clicks. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be moved to a chequing or savings account by the exact same process.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-transfers that allows one to quickly and easily transfer cash 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 combination pre paid visa and savings account which lets you to recieve 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a ton of online courses on topics like saving, investing, crypto, mortgages and more.
Every one of the above products, along with Wealthsimple Trade can be found within the app and on their site with a single login.
How Should I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus offer to our readers you will get the equivalent cash value of a stock worth up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Additional Questions Concerning Buying Bitcoin On Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re browsing for more facts relating to Buying Bitcoin On Wealthsimple, check out the Wealthsimple website for answers to every one of your questions.