What 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 no fees.
A Toronto, Ontario based online financial services company launched in the Autumn of twenty fourteen exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has improved substantially over the previous eight years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading ETFs and stocks which are displayed in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with digital discount brokerages as was common just a few years past.
Exactly How Much Money do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of 1k-$5000. This makes it tough for the common 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 Have Registered Accounts?
They do. Wealthsimple Trade offers both registered and non-registered accounts. You may select between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on both IOS and Google Play. The mobile app makes the signup steps and also trading of stocks and ETFs incredibly painless.
But Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is secure. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and right now employs about 600 folks. The majority shareholder is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to deposit to your new account. Simply connect to a chequing or savings account with your Trade account, then add money to your account in simply a couple of clicks. Deposits from banks to Wealthsimple usually take a couple of days. Funds can also be moved back to your chequing or savings accounts by the exact same method.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to E-transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and submit your taxes online for free. It’s pitched as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to earn 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a variety of online courses on topics like saving, investments, crypto, home buying and much more.
Each of the mentioned products, along with Wealthsimple Trade may be found on the mobile app or on their site with your Wealthsimple login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you’ll get the cash value of a share valued at $25 up to $4,500 CAD once you deposit to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Account?
If this review didn’t answered each of your questions, and you’re still browsing for further information about Wealthsimple Account, check out the Wealthsimple website to find answers to every one of your questions.