What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities and crypto trading app that sets itself apart from other apps by charging no fees.
A fintech company founded in the Fall of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved significantly over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets investors trade individual stocks and ETFs without having to pay any commissions. The exception is when trading ETFs and stocks that are denominated in USD currency. In that case, they will charge a currency conversion fee when buying and selling. But, gone are the times of paying Upwards of $7 per each trade with digital discount brokerages as was normal just a couple years past.
How Much Cash Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have large min deposit amounts of $1000-$5,000. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-registered account types. You are free to choose between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on IOS and also Android. The smartphone app makes the signup steps and also trading of stocks and ETFs truly simple.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and also now employs about 600 people. The main shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add funds to a new account. Just connect a chequing or savings account to your Trade account, and then fund your account in simply a few steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can just as easily be moved back to a chequing or savings account through the exact same steps.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-transfers that allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your tax return online for free. It’s pitched to be easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that lets one to recieve 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a variety of different online courses on different topics such as saving, investments, crypto, real estate and much more.
Every one of the mentioned products, along with Wealthsimple Trade may be found in the app and from their website with your Wealthsimple login.
How Can I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus to our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Additional Questions Concerning Shakepay Vs Wealthsimple?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still searching for additional information about Shakepay Vs Wealthsimple, go to the Wealthsimple website for answers to all your questions.