What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stocks plus crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A leading Canadian fintech business founded in Fall twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has changed considerably over the last eight years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade both stand alone stocks and ETFs without paying fees. The exception to this is when trading stocks that are displayed in US Dollars. In which case, they charge a currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 for each trade with online discount brokerages as was normal only a couple years ago.
Exactly How Much Cash Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have large min deposit amounts of $1,000-5k. This makes it tough for the normal new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You may select between both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on IOS and also Google Play. The app makes the signup phase and also the trading of stocks and ETFs truly a breeze.
So Is Wealthsimple Trade Legit?
. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . They have been doing business for more than 7 years and right now employs over 600 folks. The primary shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to fund your new account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts by the exact same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and file your tax return online for free. It’s advertised as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that allows one to get 1% cashback on your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a variety of different online courses on topics like saving, investments, crypto, home buying and more.
Every one of the listed products, along with Wealthsimple Trade can be found within the app or from the website with one login.
But How do I Get Started With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the equivalent cash value of a random share worth up to $4,500 CAD when you deposit to your account.
But What if I Still Have Additional Questions About Should I Use Wealthsimple?
If this article hasn’t given you the answers to each of your questions, and you’re still searching for additional answers relating to Should I Use Wealthsimple, go to the Wealthsimple website for answers to all your questions.