What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading web app that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in the Fall 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed substantially over the past 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors to trade stand alone stocks and also ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs which are denominated in USD currency. In this case, they do charge a currency conversion fee when buying and selling. But, gone are the days of paying more than $7 for each trade with online discount brokerages as was the norm just a couple years past.
How Much Money Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable min deposit amounts of 1k-5k. This makes it tough for the typical new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered accounts. One are free to select both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is offered to download on both IOS and Android. The mobile app makes the enrollment phase and also the trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and also at this time employs about 600 Canadians. The controlling shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add money to a new account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in just a few steps. Deposits from your bank to Wealthsimple usually take just a few days. Funds can just as easily be moved back to a chequing or savings account by the exact same process.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-transfers that allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare 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 pre paid visa and savings product that lets one to recieve 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of courses on topics like saving, investing, crypto, mortgages and more.
Each of the mentioned features, along with Wealthsimple Trade may be found within the mobile app and from their site with your Wealthsimple login.
But How Should I Begin With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special signup bonus offer to our audience you’ll get the cash value of a random Canadian stock valued at $25 up to $4,500 Canadian as soon as you deposit to your account.
But What if I Still Have Questions About Hanna Zaidi Wealthsimple?
If this blog post still hasn’t answered each of your questions, and you’re looking for more facts about Hanna Zaidi Wealthsimple, check out the Wealthsimple website to find answers to each your questions.