What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A leading Canadian fintech business founded in the Fall of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has changed considerably over the previous 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade both individual stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading stocks that are denominated in USD currency. In this case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of paying $7-12 for each trade with discount brokerages as was common just a couple years ago.
How Much Cash Will I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have sizeable minimum deposit amounts of 1k-5k. This makes it impossible for the common new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. You can select both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on Apple and Google Play. The app makes the registration steps and the trading of stocks and ETFs super a breeze.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . they’ve been doing business for more than 7 years and currently employs more than 600 folks. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to fund your new account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can just as easily be withdrawn a chequing or savings account using the same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-transfers that allow one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax season and submit your taxes online for free. It’s described to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to earn 1% cashback on your everyday spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on different topics such as saving, investments, crypto, home buying and much more.
Each of the above features, along with Wealthsimple Trade may be accessed inside the app or on the site with one login.
But How Should I Begin Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus offer to our audience you’ll get the equivalent cash value of a random stock worth up to $4,500 Canadian once you make an initial deposit to your account.
But What if I Still Have Questions About Wealthsimple 0.5 Interest?
If this article hasn’t given you the answers to all of your questions, and you’re still looking for additional specific facts about Wealthsimple 0.5 Interest, check out the Wealthsimple website for answers to each your questions.