What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities and crypto trading platform that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based fintech business founded in Fall 2014 exclusively as a robo-advisor trading app called Wealthsimple Invest, it has changed significantly over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers trade single stocks and also ETFs without needing to pay commissions. The exception to this is when trading ETFs and stocks which are denominated in USD. In which case, they do charge a currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per trade with digital discount brokerages as was the case a couple years ago.
How Much in Funds Will I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large minimum deposit amounts of $1,000-$5000. This makes it tough for the common new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. You can select between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app offered to download on IOS and Android. The mobile app makes the enrollment process and also trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . These folks have been expanding for more than 7 years and at this time employs about 600 people. The majority owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to fund your account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in only a few steps. Deposits from banks to Wealthsimple normally take only a few days. Funds can just as easily be withdrawn your chequing or savings account using the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers which allow anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and submit your taxes online free. It’s described as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to earn 1% cashback on your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a variety of different courses on saving, investing, crypto, home buying and more.
Every one of the above features, including Wealthsimple Trade may be accessed on the mobile app and from their website with a single login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus to our audience you will receive the equivalent cash value of a random Canadian stock valued at up to $4,500 CAD as soon as you deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Home Buyers Plan?
If this review still hasn’t answered each of your questions, and you’re browsing for additional specific facts about Wealthsimple Home Buyers Plan, visit the Wealthsimple site to find answers to all your questions.