What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities and crypto trading platform that differentiates itself from other apps by charging no fees.
A fintech company founded in Autumn of 2014 originally as a robo-advisor trading platform called Wealthsimple Invest, it has improved considerably over the previous 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers trade both single stocks and also ETFs without needing to pay any commissions. The exception is when you’re trading stocks that are displayed in USD currency. In this case, they charge a currency conversion fee both when buying and selling. But, past us are the times of having to pay $7-12 per each trade with online discount brokerages as was the norm just a few years past.
How Much Money Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large min deposit amounts of $1000-$5000. This makes it impossible for the normal new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade offers both registered and non-CRA-registered account types. One are able to select between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on both iOS and Google Play. The mobile app makes the enrollment process and the trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management . This company has been expanding for more than 7 years and employs roughly 600 folks. The majority shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage operating in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to fund your new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can just as easily be moved to a chequing or savings account with the exact same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-Transfers which allows one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and submit your taxes online for free. It’s advertised to be simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to recieve 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of different online courses on different topics such as saving, investments, crypto, home buying and much more.
Every one of the mentioned features, along with Wealthsimple Trade may be found inside the mobile app or on the website with your Wealthsimple login.
So How Can I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus offer for our readers you’ll receive the equivalent cash value of a stock valued at $25 up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Additional Questions Concerning Tax Wealthsimple?
If this article didn’t answered each of your questions, and you’re still searching for additional facts relating to Tax Wealthsimple, check out the Wealthsimple website to get answers to all your questions.