What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities plus crypto trading app that distinguishes itself from its competitors by charging absolutely no fees.
A leading Canadian fintech company founded in Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved significantly over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade single stocks and also ETFs without needing to pay commissions. The exception to this is when trading securities that are listed in USD currency. In this case, they charge a currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 per trade with discount brokerages as was expected a couple years ago.
Exactly How Much in Funds Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large minimum deposit amounts of 1k-5K. This makes it tough for the normal new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has available both registered and non-CRA-registered accounts. One are free to select between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is offered on Apple and also Google Play. The app makes the enrollment steps and also the trading of stocks and ETFs super a breeze.
Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). They have been expanding for more than 7 years and also currently employs roughly 600 Canadians. The primary shareholder is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add funds to an account. Just connect to a chequing or savings account with your Trade account, then add funds to your account in only a few steps. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved back to your chequing or savings account with the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – This is alternative to 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 year and submit your taxes online for free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account which lets you to earn 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a ton of courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the listed features, including Wealthsimple Trade may be accessed on the app and on the website with one login.
So How do I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special signup bonus offer to our readers you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.
What if I Still Have Questions Related to Wealthsimple 2021?
If this blog post didn’t answered each of your questions, and you’re still browsing for more information about Wealthsimple 2021, check out the Wealthsimple website to find answers to all your questions.