What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A online financial services company launched in Fall 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has evolved significantly over the past 8 years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade individual stocks and ETFs without having to pay any commissions. The exception to this is when trading stocks and ETFs that are denominated in US Dollars. In which case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 for each trade with discount brokerages as was the case only a couple years past.
How Much Money Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-$5,000. This makes it difficult for the common investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. One are able to select both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is available on both IOS and Android. The app makes the registration steps and also trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and also at this time employs about 600 people. The main owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add money to an account. Just connect to a chequing or savings account to your Trade account, and fund your account in simply a few clicks. Deposits from banks to Wealthsimple typically take a couple of days. Funds can just as easily be withdrawn your chequing or savings account by the same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allow you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and submit your tax return online for free. It’s described as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that allows you to earn 1% cashback on all your spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of courses on topics like saving, investing, crypto, real estate and much more.
Each of the above features, along with Wealthsimple Trade can be accessed on the mobile app or on the site with your Wealthsimple login.
How do I Start With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus offer to our readers you will receive the cash value of a stock valued at $25 up to $4,500 Canadian as soon as you add funds to your account.
So What if I Still Have Questions Related to Wealthsimple Business Account?
If this article didn’t given you the answers to all of your questions, and you’re still searching for further specific answers about Wealthsimple Business Account, check out the Wealthsimple website to get answers to each your questions.