What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, securities plus crypto trading app that distinguishes itself from the competition by charging no fees.
A Toronto, Ontario based fintech company launched in the Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved substantially over the past 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without having to pay fees. The exception is when you’re trading stocks that are displayed in USD. In which case, they will charge a currency conversion fee both when buying and selling. However, past us are the days of paying $7-12 per each trade with digital discount brokerages as was expected only a few years past.
Exactly How Much Cash do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large initial deposit amounts of $1000-5K. This makes it hard for the common investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on both iOS and Google Play. The smartphone app makes the signup steps and also the trading of stocks and ETFs simple.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management . They have been in business for more than 7 years and also at this time employs about 600 people. The controlling shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to your account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in only a few steps. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn a chequing or savings account through the exact same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow you to quickly and easily 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 as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to get 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of courses on topics like saving, investing, crypto, real estate and much more.
All of the mentioned features, including Wealthsimple Trade can be found within the mobile app or on their site with a single login.
How Can I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you will receive the cash value of a random stock valued at up to $4,500 Canadian once you fund your account.
What if I Still Have Additional Questions About Wealthsimple Logo?
If this blog post didn’t given you the answers to each of your questions, and you’re browsing for further specific answers about Wealthsimple Logo, check out the Wealthsimple website to find answers to each your questions.