What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities plus crypto trading platform that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian online financial services company founded in Autumn 2014 originally as a robo advisor automated trading app called Wealthsimple Invest, it has changed substantially over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade single stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks that are listed in USD currency. In this case, they charge a small currency conversion fee both when buying and selling. However, behind us are the times of paying Upwards of $7 per each trade with digital discount brokerages as was common only a few years past.
How Much Cash do I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large initial deposit amounts of 1K-5K. This makes it hard for the normal new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered accounts. One can choose between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available to download on iOS and Google Play. The mobile app makes the enrollment phase and also trading of stocks and ETFs incredibly painless.
But Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). they’ve been doing business for more than 7 years and also at this time employs roughly 600 folks. The primary shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to fund your account. Simply connect to a chequing or savings account with your Trade account, then add funds to your account in only a few clicks. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts by using the exact same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-Transfers that allow one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your tax return online free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows you to earn 1% cashback on your purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of different courses on topics like saving, investing, crypto, home buying and more.
Every one of the listed products, along with Wealthsimple Trade may be accessed in the app or at their website with a single login.
But How do I Start Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you’ll get the cash value of a random stock valued at up to $4,500 Canadian once you add funds to your account.
So What if I Still Have Additional Questions About Wealthsimple Etransfer?
If this blog post hasn’t answered all of your questions, and you’re still browsing for additional answers relating to Wealthsimple Etransfer, visit the Wealthsimple site to get answers to every one of your questions.