What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading web app that differentiates itself from its competitors by charging no fees.
A online financial services business launched in the Autumn 2014 exclusively as a robo-advisor trading platform named Wealthsimple Invest, it has grown considerably over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors to trade individual stocks and ETFs without needing to pay fees. The exception to this is when trading ETFs and stocks that are displayed in USD. In this case, they charge a currency conversion fee when buying and selling. However, behind us are the days of paying more than $7 for each trade with discount brokerages as was the case a few years past.
How Much Money Will I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. Most alternative banks and brokerages have large minimum deposit amounts of $1,000-5K. This makes it hard for the normal investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available on IOS and Google Play. The mobile app makes the registration phase and also the trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . These folks have been operating for more than 7 years and also right now employs more than 600 people. The main shareholder is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to add money to your new account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in only a couple of clicks. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be withdrawn a chequing or savings account by using the same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your taxes online free. It’s pitched as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to recieve 1% cashback on all your spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of different online courses on saving, investing, crypto, real estate and much more.
Each of the mentioned features, along with Wealthsimple Trade may be accessed in the mobile app or from their site with a single login.
How do I Begin With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus for our audience you will get the equivalent cash value of a random share valued at up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Questions Related to Joint Account Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re looking for more specific information about Joint Account Wealthsimple, check out the Wealthsimple website to get answers to every one of your questions.