What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock plus crypto trading platform that distinguishes itself from its competitors by charging no fees.
A leading Canadian fintech business launched in Autumn twenty fourteen exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved substantially over the past 8 years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors to trade both individual stocks and also ETFs without paying commissions. The exception is when trading stocks which are denominated in US Dollars. In which case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the days of having to pay more than $7 per each trade with online discount brokerages as was normal only a couple years past.
How Much Money do I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of only $1. Most alternative banks and discount brokerages have sizeable initial deposit amounts of 1K-5K. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available to download on both IOS and Android. The app makes the signup phase and trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs about 600 folks. The majority owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to your new account. Just connect a chequing or savings account with your Trade account, then fund your account in just a couple of clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can the same way can be moved to your chequing or savings account using the same steps.
What Other Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-Transfers which allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and submit your tax return online for free. It’s described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to earn 1% cashback on your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a variety of courses on different topics such as saving, investments, crypto, home buying and more.
All of the listed products, along with Wealthsimple Trade may be found on the app or from the site with one login.
But How do I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you’ll get the cash value of a stock valued at up to $4,500 CAD as soon as you add funds to your account.
What if I Still Have Additional Questions About Wealthsimple Free Stock?
If this blog post still hasn’t given you the answers to each of your questions, and you’re browsing for additional specific facts about Wealthsimple Free Stock, check out the Wealthsimple website to find answers to each your questions.