What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, securities plus crypto trading platform that differentiates itself from its competitors by charging absolutely no fees.
A online financial services business launched in the Autumn of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has improved considerably over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and ETFs without needing to pay any fees. The exception to this is when trading stocks and ETFs which are displayed in USD. In this case, they charge a small currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 per trade with discount brokerages as was common only a few years ago.
Exactly How Much in Funds Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable initial deposit amounts of $1,000-5k. This makes it difficult for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One may choose between both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on both IOS and also Android. The smartphone app makes the signup phase and also trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion Canadian in Assets Under Management . They have been expanding for more than 7 years and also employs about 600 folks. The majority shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your new account. Simply connect to a chequing or savings account with your Trade account, then add money to your account in just a few steps. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can also be moved back to a chequing or savings accounts by using the exact same method.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers which allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and file your tax return online free. It’s advertised as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that allows one to earn 1% cashback on all your spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a ton of online courses on saving, investing, crypto, mortgages and more.
Each of the mentioned products, along with Wealthsimple Trade may be found within the app or from the website with a single login.
But How Should I Start With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus offer to our readers you’ll receive the cash value of a Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions About Using Wealthsimple Trade?
If this article hasn’t answered each of your questions, and you’re still browsing for additional info about Using Wealthsimple Trade, visit the Wealthsimple site to get answers to every one of your questions.