What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stocks and crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A fintech business launched in Fall of twenty fourteen originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both stand alone stocks and also ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs which are listed in US Dollars. In that case, they will charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying Upwards of $7 for each trade with digital discount brokerages as was the norm just a few years ago.
Exactly How Much Money do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have quite large min deposit amounts of $1,000-5k. This makes it impossible for the typical investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. One are able to choose both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered to download on both Apple and Android. The smartphone app makes the enrollment process and also trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). They have been expanding for more than 7 years and employs over 600 people. The primary shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can the same way can be moved back to your chequing or savings account using the exact same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers that allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your taxes online free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to get 1% cashback on your everyday 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 includes a ton of different online courses on saving, investments, crypto, real estate and much more.
All of the above products, along with Wealthsimple Trade may be accessed in the mobile app or at the site with your Wealthsimple login.
How do I Get Started With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll get the equivalent cash value of a share valued at up to $4,500 Canadian as soon as you deposit to your account.
What if I Still Have Questions About Questwealth Vs Wealthsimple?
If this review didn’t given you the answers to each of your questions, and you’re browsing for more info relating to Questwealth Vs Wealthsimple, go to the Wealthsimple website to get answers to every one of your questions.