What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stocks and crypto trading web app that sets itself apart from similar apps by charging no fees.
A leading Canadian online financial services business launched in the Fall of twenty fourteen exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed significantly over the last 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade both individual stocks and ETFs without needing to pay any commissions. The exception to this is when you’re trading securities which are denominated in USD. In which case, they charge a small currency conversion fee when buying and selling. However, gone are the days of having to pay more than $7 for each trade with digital discount brokerages as was the norm only a couple years past.
How Much in Funds Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable initial deposit amounts of 1k-5K. This makes it difficult for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA account types in the setup process.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both Apple and Google Play. The smartphone app makes the registration steps and trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs about 600 people. The majority shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to deposit to your new account. Just connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can also be moved back to your chequing or savings accounts by the exact same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac e-Transfers which allow anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows one to earn 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a bunch of different courses on topics like saving, investments, crypto, home buying and more.
All of the listed features, including Wealthsimple Trade may be accessed within the app and at the website with a single login.
So How do I Begin Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus for our readers you’ll receive the cash value of a random share valued at $25 up to $4,500 Canadian once you make an initial deposit to your account.
What if I Still Have Additional Questions Concerning Power Corp Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still looking for additional information relating to Power Corp Wealthsimple, check out the Wealthsimple site to get answers to every one of your questions.