What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, securities and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in the Fall of 2014 originally as a robo-advisor automated trading platform named Wealthsimple Invest, it has evolved significantly over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers trade both individual stocks and ETFs without needing to pay any commissions. The exception is when trading ETFs and stocks which are denominated in USD currency. In this case, they will charge a currency conversion fee when buying and selling. But, gone are the days of paying $7-12 for each trade with online discount brokerages as was the case just a couple years past.
How Much Cash Will I Need to Start on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of 1K-5k. This makes it difficult for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One can choose between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on both iOS and also Android. The smartphone app makes the registration phase and the trading of stocks and ETFs easy.
Is Wealthsimple Trade Safe?
. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD in Assets Under Management . They have been doing business for more than 7 years and right now employs about 600 Canadians. The main shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to deposit to a new account. Just connect the app to a chequing or savings account to your Trade account, and then fund your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can also be withdrawn your chequing or savings accounts through the exact same method.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-transfers that allow one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your taxes online for free. It’s pitched to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows one to earn 1% cashback on your purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of different online courses on different topics such as saving, investing, crypto, mortgages and more.
All of the above products, including Wealthsimple Trade may be found on the app or at their site with one login.
But How Should I Get Started With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus to our audience you will get the cash value of a stock valued at $25 up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Related to Kw Wealthsimple?
If this review hasn’t answered all of your questions, and you’re searching for more specific information relating to Kw Wealthsimple, check out the Wealthsimple site to find answers to each your questions.