What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock plus crypto trading app that distinguishes itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in the Fall of twenty fourteen originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved significantly over the last 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers to trade stand alone stocks and also ETFs without paying fees. The exception to this is when trading ETFs and stocks which are displayed in US Dollars. In which case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the times of having to pay Upwards of $7 for each trade with online discount brokerages as was the norm just a few years past.
How Much in Funds do I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large initial deposit amounts of $1,000-5k. This makes it tough for the every day new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has available both registered and non-CRA-registered account types. You are able to select both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on iOS and Google Play. The mobile app makes the registration steps and trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . They have been expanding for more than 7 years and now employs about 600 folks. The controlling owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to deposit to your new account. Just connect a chequing or savings account to your Trade account, and then add money to your account in simply a few clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be moved back to a chequing or savings accounts by using the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers that allows anyone to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows you to earn 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of online courses on different topics such as saving, investing, crypto, mortgages and much more.
All of the mentioned features, along with Wealthsimple Trade can be accessed in the app and at their website with your Wealthsimple login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the cash value of a random Canadian stock valued at $25 up to $4,500 CAD as soon as you fund your account.
But What if I Still Have Questions Concerning Globe And Mail Wealthsimple?
If this blog post still hasn’t answered each of your questions, and you’re searching for additional specific info about Globe And Mail Wealthsimple, check out the Wealthsimple website to find answers to each your questions.