What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading web app that differentiates itself from other apps by charging no fees.
A Toronto, Ontario based fintech business founded in the Fall 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade single stocks and ETFs without paying commissions. The exception to this is when you’re trading stocks which are denominated in USD currency. In which case, they charge a nominal currency conversion fee both when buying and selling. However, gone are the times of having to pay more than $7 for each trade with discount brokerages as was expected only a couple years past.
How Much Cash do I Need to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large min deposit amounts of 1k-$5000. This makes it hard for the every day investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade has both CRA registered and non-registered accounts. One are able to choose between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered on both iOS and Google Play. The app makes the registration steps and also the trading of stocks and ETFs very painless.
Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also currently employs more than 600 folks. The main shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your account. Just connect the app to a chequing or savings account to your Trade account, and then fund your account in just a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can just as easily be moved back to a chequing or savings accounts with the exact same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-Transfers that allows anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and file your taxes online free. It’s described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets you to earn 1% cashback on your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of different online courses on different topics such as saving, investments, crypto, real estate and more.
Each of the listed features, including Wealthsimple Trade may be accessed in the app or from the website with a single login.
How do I Start With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus to our readers you will get the cash value of a random share worth up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Questions Concerning Questrade Vs Wealthsimple Reddit 2021?
If this review didn’t answered each of your questions, and you’re searching for more info about Questrade Vs Wealthsimple Reddit 2021, check out the Wealthsimple site to find answers to all your questions.