What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading app that differentiates itself from the competition by charging no fees.
A online financial services business launched in the Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and also ETFs without paying fees. The exception is when trading securities that are listed in US Dollars. In that case, they charge a currency conversion fee when buying and selling. But, gone are the times of having to pay $7-12 per each trade with digital discount brokerages as was common just a couple years ago.
Exactly How Much Cash do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable min deposit amounts of 1K-5k. This makes it difficult for the typical new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. You are able to select both RRSP and TFSA account types during 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 Android. The smartphone app makes the registration steps and also the trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD of Assets Under Management . These folks have been in business for more than 7 years and also at this time employs about 600 folks. The primary shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add money to your new account. Simply connect the app to a chequing or savings account to your Trade account, then fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can the same way can be withdrawn your chequing or savings account using the exact same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac e-transfers that allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and submit your tax return online free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account that lets one to earn 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of different online courses on saving, investments, crypto, mortgages and more.
All of the listed features, along with Wealthsimple Trade can be found within the app and at the site with a single login.
How Should I Begin With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus to our audience you’ll receive the cash value of a random stock valued at $25 up to $4,500 CAD as soon as you deposit to your account.
What if I Still Have Questions Concerning Fees On Wealthsimple Trade?
If this article still hasn’t answered each of your questions, and you’re still looking for more info about Fees On Wealthsimple Trade, check out the Wealthsimple website to find answers to each your questions.