What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading platform that differentiates itself from the competition by charging no fees.
A online financial services business founded in the Fall of twenty fourteen originally as a robo advisor trading platform called Wealthsimple Invest, it has improved substantially over the last 8 years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and ETFs without paying any fees. The exception is when you’re trading ETFs and stocks that are listed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was common a couple years past.
Exactly How Much Money do I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable initial deposit amounts of 1K-5K. This makes it impossible for the normal new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade has both registered and non-registered accounts. One can choose between both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on both iOS and also Android. The smartphone app makes the registration process and also the trading of stocks and ETFs super easy.
But Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and also employs roughly 600 folks. The controlling shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to fund your account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can also be moved to your chequing or savings account by using the same steps.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac E-transfers which allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your tax return online for free. It’s pitched to be simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to get 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on topics like saving, investing, crypto, mortgages and more.
Every one of the above products, including Wealthsimple Trade may be accessed within the mobile app or on the site with your Wealthsimple login.
How do I Begin Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus offer to our readers you’ll receive the equivalent cash value of a random stock worth up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Additional Questions About Wealthsimple Faq?
If this review didn’t given you the answers to each of your questions, and you’re still searching for additional specific information about Wealthsimple Faq, visit the Wealthsimple website to find answers to all your questions.