What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stocks and crypto trading platform that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in the Fall of 2014 originally as a robo-advisor trading app called Wealthsimple Invest, it has improved substantially over the last eight years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors trade both individual stocks and also ETFs without having to pay commissions. The exception is when you’re trading securities which are denominated in USD. In which case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the times of paying more than $7 per trade with online discount brokerages as was normal a few years past.
How Much Money do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of 1k-5K. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You can select between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app offered to download on both Apple and also Google Play. The app makes the registration process and also trading of stocks and ETFs truly a breeze.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management . These folks have been doing business for more than 7 years and currently employs over 600 folks. The controlling shareholder is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to fund an account. Just connect to a chequing or savings account with your Trade account, and add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can also be moved to a chequing or savings accounts using the exact same process.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-Transfers that allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your tax return online free. It’s described to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that allows one to get 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 platform which includes a variety of online courses on saving, investments, crypto, mortgages and much more.
Each of the mentioned features, including Wealthsimple Trade can be accessed within the mobile app or on the website with a single login.
So How Should I Begin With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special signup bonus to our readers you’ll get the cash value of a random stock valued at up to $4,500 CAD when you fund your account.
What if I Still Have Questions Concerning Fractional Shares Wealthsimple?
If this review still hasn’t given you the answers to each of your questions, and you’re still looking for further info about Fractional Shares Wealthsimple, visit the Wealthsimple website for answers to all your questions.