What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock plus crypto trading web app that distinguishes itself from its competitors by charging no fees.
A fintech business founded in Autumn 2014 originally as a robo advisor trading platform called Wealthsimple Invest, it has changed substantially over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers to trade single stocks and also ETFs without having to pay any fees. The exception is when trading stocks and ETFs which are displayed in USD currency. In which case, they will charge a currency conversion fee when buying and selling. However, behind us are the times of having to pay Upwards of $7 for each trade with discount brokerages as was normal only a few years past.
How Much in Funds Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it impossible for the common new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade offers both registered and non-registered account types. You are able to select between both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is available to download on Apple and Google Play. The app makes the signup process and also trading of stocks and ETFs very a breeze.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian in Assets Under Management . They have been in business for more than 7 years and also at this time employs more than 600 folks. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to deposit to your new account. Just connect to a chequing or savings account to your Trade account, and then fund your account in just a few clicks. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can the same way can be moved back to your chequing or savings account by the exact same steps.
What Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers that allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your tax return online free. It’s advertised to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows one to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of online courses on topics like saving, investments, crypto, home buying and much more.
Every one of the listed features, including Wealthsimple Trade may be accessed inside the mobile app and at their site with your Wealthsimple login.
How do I Begin With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive registration bonus offer to our audience you’ll get the cash value of a Canadian stock valued at up to $4,500 CAD as soon as you fund your account.
So What if I Still Have Questions Related to File Taxes With Wealthsimple?
If this blog post hasn’t given you the answers to all of your questions, and you’re looking for further specific answers about File Taxes With Wealthsimple, go to the Wealthsimple site for answers to all your questions.