What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock and crypto trading app that sets itself apart from similar apps by charging no fees.
A leading Canadian fintech company founded in Autumn twenty fourteen exclusively as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has grown substantially over the last eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets consumers trade both stand alone stocks and also ETFs without having to pay any fees. The exception is when you’re trading stocks which are displayed in USD. In that case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 per trade with digital discount brokerages as was common just a couple years past.
How Much Cash do I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-5K. This makes it tough for the typical investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered accounts. One are able to select between both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on Apple and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). They have been operating for more than 7 years and right now employs over 600 people. The controlling shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund your account. Just connect to a chequing or savings account to your Trade account, then add funds to your account in just a few clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can just as easily be withdrawn a chequing or savings account by using the same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers that allows you to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your tax return online free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that lets you to get 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a variety of online courses on saving, investments, crypto, mortgages and much more.
Every one of the mentioned features, including Wealthsimple Trade can be accessed inside the mobile app and on their website with one login.
How Should I Get Started Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special registration bonus offer for our readers you’ll receive the cash value of a stock worth up to $4,500 Canadian once you make an initial deposit to your account.
What if I Still Have Questions About Koho Wealthsimple?
If this article didn’t answered all of your questions, and you’re still looking for further info about Koho Wealthsimple, visit the Wealthsimple site to find answers to every one of your questions.