What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities plus crypto trading web app that sets itself apart from its competitors by charging no fees.
A Toronto, Ontario based fintech company founded in the Autumn of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown substantially over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers to trade both single stocks and ETFs without having to pay fees. The exception to this is when you’re trading ETFs and stocks which are displayed in USD. In which case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 per trade with discount brokerages as was the case only a few years past.
How Much in Funds Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have quite large initial deposit amounts of 1k-5k. This makes it tough for the typical investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade offers registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on IOS and Google Play. The app makes the registration phase and the trading of stocks and ETFs simple.
But Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management . These folks have been expanding for more than 7 years and at this time employs about 600 Canadians. The controlling owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage to operate in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add money to a new account. Simply connect the app to a chequing or savings account to your Trade account, and then add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can also be moved back to a chequing or savings account using the exact same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers that allow anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and file your taxes online free. It’s described as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows one to recieve 1% cashback on all your purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a bunch of courses on topics like saving, investing, crypto, real estate and more.
Every one of the mentioned features, along with Wealthsimple Trade may be found inside the app and on the website with one login.
How Should I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus for our readers you will get the cash value of a Canadian stock worth $25 up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Additional Questions About Joint Rrsp Wealthsimple?
If this article still hasn’t given you the answers to all of your questions, and you’re still browsing for additional specific facts relating to Joint Rrsp Wealthsimple, go to the Wealthsimple website for answers to all your questions.