What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading platform that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in Fall twenty fourteen originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has changed considerably over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors to trade single stocks and ETFs without having to pay any commissions. The exception is when you’re trading securities which are displayed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 for each trade with online discount brokerages as was normal just a couple years ago.
Exactly How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable min deposit amounts of 1K-5k. This makes it impossible for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has available both registered and non-registered accounts. One are free to choose between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on IOS and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs very a breeze.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs more than 600 Canadians. The controlling shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add funds to an account. Just connect the app to a chequing or savings account with your Trade account, and then add funds to your account in simply a few steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be moved to your chequing or savings account by using the exact same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-transfers that allows one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and submit your tax return online for free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account that allows one to get 1% cashback on all your spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of courses on saving, investments, crypto, real estate and more.
All of the mentioned products, along with Wealthsimple Trade can be found in the mobile app or from their site with your Wealthsimple login.
How Can I Get Started With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the equivalent cash value of a random stock worth up to $4,500 Canadian when you deposit to your account.
So What if I Still Have Questions About Wealthsimple Design System?
If this article didn’t given you the answers to each of your questions, and you’re still browsing for further specific facts about Wealthsimple Design System, go to the Wealthsimple site to find answers to all your questions.