What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks and crypto trading platform that differentiates itself from its competitors by charging no fees.
A fintech business launched in the Fall twenty fourteen originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has improved substantially over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without paying fees. The exception is when trading securities which are displayed in USD currency. In that case, they charge a nominal currency conversion fee when buying and selling. However, past us are the days of having to pay more than $7 per each trade with digital discount brokerages as was common only a few years ago.
How Much in Funds do I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it tough for the every day new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You can choose between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on iOS and Android. The smartphone app makes the registration process and also the trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). This company has been operating for more than 7 years and also currently employs more than 600 people. The controlling owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to add money to your account. Simply connect to a chequing or savings account to your Trade account, then add funds to your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can just as easily be moved to a chequing or savings account through the same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to E-Transfers that allows one to quickly and efficiently transfer money 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 described to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows you to get 1% cashback on your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of courses on saving, investing, crypto, real estate and more.
Each of the above features, along with Wealthsimple Trade may be accessed inside the app or from the website with a single login.
How Should I Get Started Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special signup bonus to our readers you’ll get the cash value of a stock valued at up to $4,500 Canadian when you deposit to your account.
What if I Still Have Additional Questions Concerning Does Wealthsimple Trade Have Fees?
If this article didn’t answered all of your questions, and you’re looking for more facts relating to Does Wealthsimple Trade Have Fees, check out the Wealthsimple site for answers to each your questions.