What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks plus crypto trading platform that differentiates itself from similar apps by charging no fees.
A fintech business launched in the Fall of 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has improved significantly over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade individual stocks and ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs that are denominated in USD. In that case, they charge a small currency conversion fee when buying and selling. However, gone are the days of having to pay Upwards of $7 per each trade with digital discount brokerages as was normal a few years past.
Exactly How Much in Funds Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of 1k-$5000. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has both registered and non-registered accounts. One may select both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on iOS and also Android. The app makes the enrollment process and the trading of stocks and ETFs very easy.
Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). This company has been operating for more than 7 years and now employs about 600 Canadians. The main owner is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to fund your account. Just connect to a chequing or savings account with your Trade account, and fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can the same way can be withdrawn a chequing or savings accounts using the exact same process.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac e-transfers which allows one 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 described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows one to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of courses on saving, investments, crypto, real estate and much more.
Each of the listed products, along with Wealthsimple Trade may be found in the mobile app and at the site with a single login.
So How Can I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special registration bonus offer for our readers you will get the equivalent cash value of a share worth $25 up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Questions Related to Koinly Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re still searching for more specific facts about Koinly Wealthsimple, go to the Wealthsimple site to get answers to all your questions.