What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks plus crypto trading app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in Autumn of 2014 originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors trade both individual stocks and ETFs without needing to pay fees. The exception to this is when trading stocks and ETFs that are denominated in US Dollars. In this case, they do charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay Upwards of $7 per each trade with discount brokerages as was common a couple years past.
How Much in Funds Will I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large initial deposit amounts of 1K-5k. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has both registered and non-CRA-registered account types. One can select both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered on IOS and also Google Play. The mobile app makes the signup steps and also trading of stocks and ETFs very painless.
Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is legit. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). They have been doing business for more than 7 years and also currently employs more than 600 folks. The controlling shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add money to your new account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in only a couple of steps. Deposits from banks to Wealthsimple usually take only a few days. Funds can just as easily be moved back to a chequing or savings account through the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-transfers that allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your taxes online free. It’s advertised as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows you to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of different online courses on saving, investments, crypto, real estate and more.
All of the listed products, along with Wealthsimple Trade may be accessed in the app and from the site with one login.
So How Should I Get Started With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will receive the cash value of a random stock valued at up to $4,500 CAD once you deposit to your account.
What if I Still Have Additional Questions Concerning Vgro Wealthsimple Trade?
If this review still hasn’t answered each of your questions, and you’re still searching for more information relating to Vgro Wealthsimple Trade, go to the Wealthsimple website to find answers to each your questions.