What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading web app that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in Autumn 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has changed considerably over the previous 8 years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers trade stand alone stocks and ETFs without needing to pay commissions. The exception is when trading securities that are displayed in USD currency. In this case, they charge a small currency conversion fee both when buying and selling. However, behind us are the days of paying $7-12 for each trade with discount brokerages as was common a few years ago.
Exactly How Much in Funds do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it difficult for the typical new investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is available on both IOS and Android. The app makes the enrollment process and trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). they’ve been doing business for more than 7 years and also at this time employs roughly 600 people. The primary owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to deposit to a new account. Just connect a chequing or savings account to your Trade account, then add money to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can also be withdrawn a chequing or savings accounts using the same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac E-Transfers that allow you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online free. It’s advertised to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows you to recieve 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of online courses on topics like saving, investments, crypto, home buying and much more.
Every one of the listed products, along with Wealthsimple Trade may be found inside the mobile app and at the site with one login.
So How Should I Begin Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus for our audience you’ll get the equivalent cash value of a Canadian stock valued at up to $4,500 CAD once you fund your account.
But What if I Still Have Additional Questions About Wealthsimple Blog?
If this article hasn’t answered each of your questions, and you’re looking for additional facts relating to Wealthsimple Blog, go to the Wealthsimple site for answers to all your questions.