What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities and crypto trading web app that sets itself apart from other apps by charging absolutely no fees.
A leading Canadian fintech company launched in the Fall 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has evolved considerably over the last 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers trade stand alone stocks and also ETFs without paying any fees. The exception to this is when you’re trading stocks and ETFs that are listed in USD currency. In this case, they will charge a small currency conversion fee when buying and selling. However, past us are the days of paying Upwards of $7 for each trade with digital discount brokerages as was the norm just a few years past.
How Much Cash do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it impossible for the normal new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You can select between both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on Apple and also Android. The app makes the signup phase and also trading of stocks and ETFs very simple.
Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . These folks have been in business for more than 7 years and also right now employs over 600 folks. The main owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to add funds to a new account. Simply connect a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can just as easily be moved to a chequing or savings accounts by the same method.
What Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows one to get 1% cashback on all your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different online courses on saving, investments, crypto, home buying and more.
All of the listed products, including Wealthsimple Trade can be accessed on the app or from the site with one login.
How do I Begin Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you’ll receive the equivalent cash value of a stock worth $25 up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions About Questwealth Vs Wealthsimple Reddit?
If this blog post still hasn’t answered all of your questions, and you’re still searching for further answers about Questwealth Vs Wealthsimple Reddit, visit the Wealthsimple site for answers to each your questions.