What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian online financial services company founded in the Fall of 2014 originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has changed substantially over the last eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors to trade both individual stocks and ETFs without having to pay any fees. The exception is when trading stocks which are denominated in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, behind us are the times of paying more than $7 per each trade with digital discount brokerages as was expected just a few years past.
How Much Money Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large min deposit amounts of 1K-5K. This makes it hard for the common investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has both registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on IOS and also Android. The app makes the registration phase and also trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and also employs more than 600 people. The controlling shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to add money to a new account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can the same way can be moved to your chequing or savings accounts by the exact same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-transfers that allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account that allows one to recieve 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of courses on saving, investing, crypto, real estate and more.
All of the mentioned features, along with Wealthsimple Trade can be found inside the app and from their site with one login.
But How Should I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special registration bonus to our audience you will get the cash value of a random Canadian stock worth up to $4,500 Canadian when you fund your account.
But What if I Still Have Questions Related to Forex Wealthsimple?
If this review didn’t answered all of your questions, and you’re still browsing for further facts about Forex Wealthsimple, check out the Wealthsimple website for answers to each your questions.