What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading web app that differentiates itself from similar apps by charging no fees.
A Toronto, Ontario based fintech business launched in the Autumn twenty fourteen exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has changed considerably over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors to trade single stocks and also ETFs without having to pay fees. The exception is when trading stocks and ETFs which are displayed in USD. In which case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the days of having to pay Upwards of $7 for each trade with discount brokerages as was the case only a few years ago.
How Much in Funds Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of $1000-$5000. This makes it hard for the typical new investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade offers both registered and non-registered accounts. One may choose both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available on IOS and Android. The smartphone app makes the signup phase and the trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion CAD of Assets Under Management (AUM). they’ve been in business for more than 7 years and at this time employs about 600 Canadians. The main shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add money to a new account. Just connect a chequing or savings account with your Trade account, and fund your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can just as easily be moved back to your chequing or savings accounts using the exact same process.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your tax return online for free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which allows you to recieve 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of online courses on topics like saving, investing, crypto, home buying and much more.
All of the above products, including Wealthsimple Trade may be accessed in the mobile app or at their site with one login.
So How Should I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special signup bonus for our audience you will get the cash value of a random share worth up to $4,500 CAD when you add funds to your account.
But What if I Still Have Questions Concerning New Stocks On Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still searching for additional specific facts relating to New Stocks On Wealthsimple, visit the Wealthsimple site to get answers to each your questions.