What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading platform that sets itself apart from similar apps by charging no fees.
A fintech business founded in Autumn of 2014 exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has evolved substantially over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and ETFs without needing to pay any fees. The exception is when trading ETFs and stocks that are listed in US Dollars. In which case, they charge a small currency conversion fee both when buying and selling. But, gone are the days of paying more than $7 per trade with online discount brokerages as was the norm only a couple years ago.
Exactly How Much Cash Will I Need in Order to Start on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large min deposit amounts of $1,000-5k. This makes it tough for the everyday new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. You can select between both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app available on iOS and also Android. The mobile app makes the signup process and the trading of stocks and ETFs truly a breeze.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . They have been doing business for more than 7 years and also currently employs about 600 Canadians. The primary owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to add money to your account. Simply connect a chequing or savings account to your Trade account, and fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take only a few days. Funds can just as easily be moved back to your chequing or savings account through the exact same steps.
What Other Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-Transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows one to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of different courses on different topics such as saving, investments, crypto, real estate and more.
All of the mentioned products, along with Wealthsimple Trade can be accessed inside the app or from the site with one login.
But How Can I Get Started With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For an exclusive registration bonus for our audience you will receive the cash value of a Canadian stock worth up to $4,500 Canadian once you add funds to your account.
So What if I Still Have Questions About Vgro Vs Wealthsimple?
If this article didn’t answered each of your questions, and you’re still browsing for more information about Vgro Vs Wealthsimple, visit the Wealthsimple site for answers to all your questions.