What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading platform that differentiates itself from other apps by charging no fees.
A fintech company founded in Autumn of 2014 exclusively 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 platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and also ETFs without needing to pay fees. The exception is when trading stocks and ETFs which are denominated in USD. In this case, they will charge a small currency conversion fee when buying and selling. But, past us are the times of paying $7-12 per each trade with online discount brokerages as was the case just a couple years past.
Exactly How Much Cash do I Need to Get Started on Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large min deposit amounts of 1K-5K. This makes it difficult for the every day new investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered accounts. One may choose both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on both IOS and also Google Play. The mobile app makes the signup steps and also trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). These folks have been expanding for more than 7 years and now employs over 600 Canadians. The majority owner is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add funds to your new account. Simply connect to a chequing or savings account with your Trade account, then fund your account in only a few steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can also be moved back to your chequing or savings account using the exact same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac E-Transfers that allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and file your taxes online free. It’s advertised as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to earn 1% cashback on all your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different courses on different topics such as saving, investing, crypto, home buying and more.
Each of the listed products, including Wealthsimple Trade may be accessed within the mobile app or from their website with a single login.
But How Can I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special signup bonus offer to our readers you will receive the equivalent cash value of a Canadian stock valued at up to $4,500 CAD once you add funds to your account.
What if I Still Have Questions About Wealthsimple Lira?
If this review hasn’t answered each of your questions, and you’re still searching for additional facts about Wealthsimple Lira, visit the Wealthsimple website for answers to all your questions.