What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock plus crypto trading web app that distinguishes itself from other apps by charging absolutely no fees.
A fintech company launched in the Fall 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has improved significantly over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets investors trade both stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading securities which are listed in USD currency. In that case, they charge a small currency conversion fee both when buying and selling. However, behind us are the times of paying Upwards of $7 per trade with discount brokerages as was the case just a few years past.
How Much in Funds Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large minimum deposit amounts of $1000-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers registered and non-registered account types. One can select both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both iOS and Android. The smartphone app makes the signup phase and also the trading of stocks and ETFs super simple.
Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). They have been operating for more than 7 years and now employs over 600 Canadians. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add funds to an account. Simply connect a chequing or savings account to your Trade account, and then add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can the same way can be moved to a chequing or savings account by the exact same steps.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers that allows anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your tax return online free. It’s advertised to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that lets one to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of online courses on topics like saving, investing, crypto, home buying and more.
Every one of the mentioned features, including Wealthsimple Trade may be accessed in the mobile app or at their website with a single login.
But How Should I Start Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the equivalent cash value of a random 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 Koho Vs Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re still browsing for additional info about Koho Vs Wealthsimple, visit the Wealthsimple site to find answers to every one of your questions.