What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock and crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A leading Canadian fintech company founded in the Fall 2014 exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has evolved substantially over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors to trade both stand alone stocks and also ETFs without needing to pay commissions. The exception is when trading ETFs and stocks that are denominated in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per trade with online discount brokerages as was expected just a couple years ago.
Exactly How Much Money do I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of only $1. Many alternative banks and brokerages have sizeable minimum deposit amounts of $1000-5K. This makes it difficult for the normal investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. One are free to choose between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available to download on both Apple and Google Play. The mobile app makes the signup phase and also the trading of stocks and ETFs simple.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian in Assets Under Management . These folks have been doing business for more than 7 years and also right now employs more than 600 folks. The majority shareholder is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add funds to your new account. Just connect to a chequing or savings account to your Trade account, and add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can also be moved back to a chequing or savings account by using the exact same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac E-transfers that allows one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your taxes online for free. It’s advertised to be simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to recieve 1% cashback on all your purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a variety of courses on saving, investments, crypto, real estate and more.
Each of the listed products, including Wealthsimple Trade may be found in the mobile app or on their site with one login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus to our audience you will get the equivalent cash value of a random stock valued at up to $4,500 CAD when you fund your account.
What if I Still Have Questions Concerning Wealthsimple 700 Million?
If this article didn’t answered each of your questions, and you’re still looking for further specific info about Wealthsimple 700 Million, go to the Wealthsimple website to find answers to every one of your questions.