What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in Autumn 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has improved considerably over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers trade both stand alone stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading stocks which are listed in US Dollars. In that case, they charge a nominal currency conversion fee when buying and selling. However, gone are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was normal a few years past.
How Much Money Will I Need to Start on Wealthsimple Trade?
Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it hard for the common new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. You may choose both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available on both iOS and also Android. The app makes the registration steps and trading of stocks and ETFs painless.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . This company has been in business for more than 7 years and also now employs over 600 Canadians. The majority shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to fund a new account. Just connect the app to a chequing or savings account to your Trade account, then add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple typically take only a few days. Funds can the same way can be withdrawn your chequing or savings account with the same process.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your taxes online for free. It’s described to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which lets one to get 1% cashback on your everyday purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of courses on different topics such as saving, investments, crypto, home buying and more.
Every one of the listed products, including Wealthsimple Trade may be found on the app or at their site with a single login.
How Can I Start Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special signup bonus offer for our audience you’ll get the equivalent cash value of a random stock valued at up to $4,500 CAD once you deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Invest?
If this article didn’t given you the answers to all of your questions, and you’re still searching for more info relating to Wealthsimple Invest, check out the Wealthsimple site to find answers to all your questions.