What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, securities plus crypto trading app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based fintech business launched in the Fall of twenty fourteen originally as a robo advisor automated trading app called Wealthsimple Invest, it has evolved significantly over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when trading securities which are displayed in USD. In that case, they charge a small currency conversion fee when buying and selling. However, past us are the days of paying more than $7 per trade with digital discount brokerages as was the case just a couple years ago.
Exactly How Much Cash do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have sizeable min deposit amounts of $1,000-$5000. This makes it difficult for the normal investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. You are able to choose both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on both Apple and also Google Play. The app makes the signup process and trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and right now employs over 600 people. The main owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.
So How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to add money to your new account. Just connect to a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can just as easily be moved back to a chequing or savings accounts by using the exact same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-transfers which allows you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online for free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that lets you to earn 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a variety of different online courses on saving, investing, crypto, mortgages and more.
All of the mentioned features, along with Wealthsimple Trade can be found inside the mobile app and from their website with your Wealthsimple login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus offer to our readers you will get the equivalent cash value of a random stock valued at up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions Related to How To Withdraw Money From Wealthsimple?
If this blog post hasn’t given you the answers to all of your questions, and you’re looking for more specific facts about How To Withdraw Money From Wealthsimple, check out the Wealthsimple site to get answers to all your questions.