What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A leading Canadian fintech company founded in Autumn of 2014 exclusively as a robo advisor trading platform named Wealthsimple Invest, it has changed substantially over the past eight years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade both single stocks and also ETFs without having to pay any fees. The exception is when trading stocks that are denominated in USD currency. In this case, they charge a small currency conversion fee both when buying and selling. But, behind us are the days of having to pay $7-12 for each trade with discount brokerages as was expected a couple years ago.
Exactly How Much Cash do I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadians to make a minimum deposit of only $1. Many alternative banks and brokerages have large initial deposit amounts of 1k-5K. This makes it difficult for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You are free to select both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available on both IOS and Android. The app makes the registration process and the trading of stocks and ETFs easy.
So Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . These folks have been expanding for more than 7 years and currently employs about 600 Canadians. The primary shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to a new account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can just as easily be withdrawn a chequing or savings accounts with the exact same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-transfers which allow you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your taxes online free. It’s described as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows you to earn 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of courses on saving, investing, crypto, mortgages and more.
All of the above features, along with Wealthsimple Trade may be accessed within the app or on their website with your Wealthsimple login.
But How Can I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you will receive the cash value of a share worth $25 up to $4,500 Canadian as soon as you deposit to your account.
So What if I Still Have Questions Related to Retirement Calculator Wealthsimple?
If this blog post hasn’t answered all of your questions, and you’re searching for further facts relating to Retirement Calculator Wealthsimple, visit the Wealthsimple site to find answers to every one of your questions.