What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stocks plus crypto trading platform that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based fintech company founded in Fall of 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved considerably over the past 8 years to also include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets investors to trade both individual stocks and also ETFs without needing to pay fees. The exception is when trading securities that are listed in USD currency. In that case, they charge a currency conversion fee both when buying and selling. However, past us are the days of paying $7-12 per trade with online discount brokerages as was normal a few years past.
Exactly How Much Cash do I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it hard for the normal investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has both registered and non-CRA-registered account types. One can choose both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app available to download on Apple and also Android. The mobile app makes the signup steps and also trading of stocks and ETFs very easy.
Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian of Assets Under Management . they’ve been expanding for more than 7 years and employs more than 600 people. The majority owner is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your account. Simply connect a chequing or savings account with your Trade account, then add money to your account in just a couple of steps. Deposits from banks to Wealthsimple normally take just a few days. Funds can just as easily be moved back to a chequing or savings account with the exact same process.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-Transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your tax return online free. It’s described as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows one to recieve 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a variety of different courses on different topics such as saving, investments, crypto, real estate and more.
All of the mentioned products, including Wealthsimple Trade may be accessed on the mobile app and on their site with a single login.
So How Should I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus to our audience you will receive the cash value of a random share worth $25 up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Additional Questions About Fidelity Vs Wealthsimple?
If this review hasn’t answered each of your questions, and you’re still searching for more specific information about Fidelity Vs Wealthsimple, visit the Wealthsimple website to find answers to all your questions.