What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in the Autumn 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved considerably over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs that are listed in USD. In which case, they charge a currency conversion fee both when buying and selling. However, gone are the times of having to pay more than $7 for each trade with discount brokerages as was expected a few years ago.
How Much Cash do I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable initial deposit amounts of 1K-5K. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade offers registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on both Apple and Android. The smartphone app makes the registration phase and the trading of stocks and ETFs truly simple.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). These folks have been operating for more than 7 years and now employs about 600 folks. The controlling owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your new account. Just connect to a chequing or savings account with your Trade account, and then add funds to your account in just a few steps. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can also be withdrawn your chequing or savings accounts with the exact same process.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and file your taxes online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets one to get 1% cashback on all your spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of different courses on different topics such as saving, investments, crypto, home buying and more.
Each of the above features, including Wealthsimple Trade may be found within the app or from the website with a single login.
How do I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special signup bonus for our audience you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Questions Concerning Wealthsimple In Us?
If this review still hasn’t answered each of your questions, and you’re still looking for more specific information about Wealthsimple In Us, check out the Wealthsimple website to find answers to each your questions.