What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock plus crypto trading platform that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based fintech company launched in Autumn of 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed considerably over the previous eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading ETFs and stocks which are denominated in USD currency. In that case, they will charge a nominal currency conversion fee when buying and selling. But, past us are the days of having to pay more than $7 for each trade with digital discount brokerages as was the case only a couple years ago.
Exactly How Much Cash Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable initial deposit amounts of 1k-5k. This makes it hard for the everyday investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You may select both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on Apple and Google Play. The app makes the registration steps and also trading of stocks and ETFs painless.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also right now employs about 600 Canadians. The main shareholder is the admired public Canadian conglomerate 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 smartphone app makes it so easy to fund your account. Simply connect a chequing or savings account to your Trade account, and then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can just as easily be moved to a chequing or savings account using the exact same steps.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-Transfers that allows anyone to quickly and easily transfer 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 described as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that allows one to earn 1% cashback on all your purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different courses on different topics such as saving, investments, crypto, mortgages and more.
Every one of the above features, including Wealthsimple Trade may be accessed within the app and from their site with one login.
So How do I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus for our readers you will get the equivalent cash value of a share valued at up to $4,500 CAD as soon as you add funds to your account.
What if I Still Have Additional Questions Concerning How To Use Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re still looking for further specific answers about How To Use Wealthsimple, visit the Wealthsimple site to get answers to every one of your questions.