What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stock plus crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A leading Canadian fintech company founded in Autumn of twenty fourteen originally as a robo advisor automated trading platform named Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without needing to pay commissions. The exception is when trading stocks which are displayed in USD. In which case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the days of having to pay $7-12 per each trade with online discount brokerages as was expected a few years ago.
How Much Cash do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. Many traditional banks and brokerages have large min deposit amounts of $1000-$5,000. This makes it hard for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has CRA registered and non-registered account types. You may choose both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app offered to download on iOS and Google Play. The app makes the signup phase and also trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD in Assets Under Management . This company has been in business for more than 7 years and also employs about 600 Canadians. The main shareholder is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to add funds to your new account. Simply connect a chequing or savings account to your Trade account, and add money to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can just as easily be moved to a chequing or savings accounts using the same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-Transfers that allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your tax return online for free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows you to earn 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of courses on different topics such as saving, investments, crypto, real estate and much more.
Every one of the mentioned features, including Wealthsimple Trade can be accessed in the app or at their site with one login.
How Can I Start With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus offer for our readers you’ll receive the cash value of a Canadian stock worth up to $4,500 CAD as soon as you deposit to your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Luna?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still looking for further facts relating to Wealthsimple Luna, check out the Wealthsimple site for answers to each your questions.