What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks and crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in Autumn 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has evolved substantially over the past eight years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade both single stocks and ETFs without having to pay any fees. The exception to this is when trading securities that are denominated in US Dollars. In that case, they will charge a small currency conversion fee when buying and selling. However, gone are the times of paying $7-12 per trade with online discount brokerages as was common a few years past.
How Much Cash do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have quite large initial deposit amounts of 1K-5K. This makes it tough for the typical investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You are free to choose both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered on IOS and also Android. The smartphone app makes the registration steps and also the trading of stocks and ETFs incredibly a breeze.
So Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). They have been operating for more than 7 years and also currently employs roughly 600 folks. The majority owner is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to deposit to an account. Just connect a chequing or savings account to your Trade account, then add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can the same way can be moved back to your chequing or savings accounts using the same process.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax season and file your taxes online free. It’s advertised to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which lets one to recieve 1% cashback on all your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of different online courses on saving, investing, crypto, home buying and much more.
All of the listed products, along with Wealthsimple Trade can be accessed inside the app or from their site with a single login.
So How Can I Begin Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus offer for our audience you’ll receive the cash value of a stock worth up to $4,500 Canadian when you add funds to your account.
So What if I Still Have Questions About Visa Wealthsimple?
If this article hasn’t given you the answers to each of your questions, and you’re searching for additional answers about Visa Wealthsimple, go to the Wealthsimple website to find answers to every one of your questions.