What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in the Fall twenty fourteen exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has improved considerably over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading securities which are denominated in USD currency. In that case, they charge a small currency conversion fee when buying and selling. But, behind us are the days of having to pay Upwards of $7 per trade with digital discount brokerages as was normal only a few years ago.
Exactly How Much in Funds do I Need to Have to Start Investing 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 quite large initial deposit amounts of 1k-$5,000. This makes it hard for the every day new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered account types. One are able to select between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app offered to download on IOS and also Google Play. The mobile app makes the signup phase and trading of stocks and ETFs super easy.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been in business for more than 7 years and right now employs more than 600 Canadians. The primary shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to fund a new account. Just connect to a chequing or savings account to your Trade account, and then add money to your account in just a couple of clicks. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can also be withdrawn your chequing or savings account using the exact same process.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-Transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and file your tax return online free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows one to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of different online courses on saving, investing, crypto, mortgages and much more.
Each of the above products, along with Wealthsimple Trade may be found on the app or on the site with one login.
But How Can I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the equivalent cash value of a Canadian stock valued at $25 up to $4,500 Canadian when you fund your account.
So What if I Still Have Additional Questions Related to Wealthsimple Medium?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still searching for additional specific answers relating to Wealthsimple Medium, visit the Wealthsimple website to get answers to all your questions.