What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, securities plus crypto trading platform that differentiates itself from similar apps by charging no fees.
A fintech business launched in the Autumn twenty fourteen exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved substantially over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade both individual stocks and ETFs without paying commissions. The exception is when trading stocks and ETFs which are denominated in USD currency. In which case, they do charge a small currency conversion fee when buying and selling. However, behind us are the times of having to pay more than $7 for each trade with online discount brokerages as was common just a few years ago.
How Much Cash do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and brokerages have sizeable initial deposit amounts of $1,000-$5,000. This makes it difficult for the every day investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available registered and non-CRA-registered accounts. One may choose both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both IOS and Google Play. The app makes the signup phase and trading of stocks and ETFs simple.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . They have been operating for more than 7 years and currently employs about 600 Canadians. The main shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to deposit to an account. Simply connect a chequing or savings account to your Trade account, and then fund your account in only a few clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can the same way can be withdrawn your chequing or savings account with the same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers which allow you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your tax return online for free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows you to earn 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of courses on different topics such as saving, investing, crypto, home buying and more.
All of the mentioned features, along with Wealthsimple Trade may be found in the app or on their site with one login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you will get the cash value of a stock worth up to $4,500 CAD once you fund your account.
What if I Still Have Questions Concerning Fees Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re looking for additional info about Fees Wealthsimple, go to the Wealthsimple website to get answers to each your questions.