What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading web app that distinguishes itself from similar apps by charging no fees.
A fintech company launched in Autumn 2014 originally as a robo-advisor trading platform named Wealthsimple Invest, it has evolved substantially over the previous eight years to also feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and also ETFs without paying commissions. The exception to this is when you’re trading stocks which are listed in USD currency. In which case, they do charge a currency conversion fee both when buying and selling. However, past us are the days of having to pay more than $7 per trade with online discount brokerages as was normal a couple years past.
How Much in Funds Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large min deposit amounts of $1000-$5,000. This makes it hard for the common new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You can select between both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both Apple and also Google Play. The app makes the registration process and the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD of Assets Under Management . They have been expanding for more than 7 years and also at this time employs over 600 people. The primary owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to add money to a new account. Just connect to a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be moved to a chequing or savings accounts with the same method.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers that allow anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and submit your tax return online for free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets one to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a ton of online courses on saving, investments, crypto, real estate and much more.
Every one of the above products, including Wealthsimple Trade may be accessed in the app or from their site with a single login.
So How Can I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special registration bonus to our readers you’ll receive the equivalent cash value of a Canadian stock worth $25 up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Additional Questions About Wealthsimple Bank Account?
If this article hasn’t answered all of your questions, and you’re still looking for additional specific information about Wealthsimple Bank Account, visit the Wealthsimple site for answers to all your questions.