What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading app that sets itself apart from similar apps by charging absolutely no fees.
A fintech company founded in the Fall 2014 exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has changed significantly over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets investors to trade both single stocks and also ETFs without having to pay commissions. The exception is when trading stocks and ETFs that are denominated in USD currency. In this case, they will charge a small currency conversion fee when buying and selling. But, behind us are the times of paying $7-12 per trade with digital discount brokerages as was normal only a couple years past.
How Much Cash do I Need to Start With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large minimum deposit amounts of $1,000-$5,000. This makes it tough for the typical new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both registered and non-registered account types. One may choose between both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available on IOS and also Android. The app makes the enrollment steps and also trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). These folks have been doing business for more than 7 years and also at this time employs about 600 folks. The majority owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to deposit to a new account. Just connect the app to a chequing or savings account to your Trade account, then fund your account in just a couple of steps. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can the same way can be moved to your chequing or savings account using the same process.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers that allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that allows you to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of different courses on different topics such as saving, investments, crypto, home buying and much more.
Each of the above products, including Wealthsimple Trade may be accessed in the app and from their site with one login.
But How Can I Start With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special signup bonus to our readers you’ll receive the cash value of a random stock worth $25 up to $4,500 Canadian once you fund your account.
So What if I Still Have Questions Concerning Wealthsimple Levels.fyi?
If this review didn’t given you the answers to each of your questions, and you’re still looking for further answers relating to Wealthsimple Levels.fyi, check out the Wealthsimple site to find answers to all your questions.