What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, securities plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees.
A leading Canadian fintech business launched in the Autumn of twenty fourteen originally as a robo-advisor automated trading platform named Wealthsimple Invest, it has changed substantially over the previous 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers to trade stand alone stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading stocks and ETFs which are denominated in USD currency. In which case, they do charge a currency conversion fee when buying and selling. But, gone are the times of paying more than $7 per trade with digital discount brokerages as was common just a few years ago.
How Much Cash do I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. Many traditional banks and brokerages have large minimum deposit amounts of 1K-$5,000. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers CRA registered and non-registered accounts. One are able to select between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both Apple and also Android. The app makes the signup phase and the trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian of Assets Under Management (AUM). they’ve been in business for more than 7 years and right now employs over 600 people. The primary shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage to operate in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add funds to an account. Simply connect a chequing or savings account with your Trade account, then fund your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can just as easily be moved back to a chequing or savings accounts using the same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers that allows you to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and file your tax return online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows one to get 1% cashback on all your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of online courses on topics like saving, investing, crypto, mortgages and much more.
Each of the above products, along with Wealthsimple Trade may be found in the mobile app and on the site with one login.
But How do I Get Started Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special signup bonus for our readers you’ll get the cash value of a stock valued at $25 up to $4,500 Canadian as soon as you deposit to your account.
But What if I Still Have Questions About Wealthsimple Learn?
If this blog post still hasn’t given you the answers to each of your questions, and you’re looking for more information about Wealthsimple Learn, visit the Wealthsimple site for answers to all your questions.