What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities plus crypto trading app that sets itself apart from the competition by charging no fees.
A leading Canadian online financial services company founded in the Autumn 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved significantly over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors trade single stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks and ETFs which are denominated in USD currency. In this case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per each trade with digital discount brokerages as was the norm just a few years past.
How Much Cash Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have large initial deposit amounts of 1k-5k. This makes it difficult for the everyday investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You may select between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both IOS and also Android. The app makes the signup steps and trading of stocks and ETFs very painless.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). These folks have been operating for more than 7 years and currently employs over 600 Canadians. The majority owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund an account. Just connect to a chequing or savings account to your Trade account, and then add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved back to your chequing or savings accounts using the same steps.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-transfers which allow anyone to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online for free. It’s described to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that lets one to recieve 1% cashback on all your spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of different courses on saving, investments, crypto, real estate and more.
Every one of the above products, including Wealthsimple Trade can be accessed on the app and from their website with your Wealthsimple login.
But How Should I Begin With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus offer for our audience you will get the cash value of a share worth up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Joint Account?
If this review didn’t answered each of your questions, and you’re searching for more info about Wealthsimple Joint Account, check out the Wealthsimple site to find answers to all your questions.