What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in the Fall twenty fourteen originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has changed significantly over the past eight years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors to trade single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading stocks that are denominated in USD currency. In this case, they do charge a small currency conversion fee both when buying and selling. However, behind us are the times of paying more than $7 for each trade with discount brokerages as was normal just a few years ago.
Exactly How Much Cash do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have quite large minimum deposit amounts of 1k-5K. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available registered and non-registered account types. You may choose between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available on both iOS and also Google Play. The smartphone app makes the enrollment phase and also the trading of stocks and ETFs easy.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs more than 600 people. The main owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can also be moved back to your chequing or savings account through the exact same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and file your tax return online free. It’s described to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that allows one to get 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the above products, including Wealthsimple Trade can be found within the mobile app and from their site with your Wealthsimple login.
So How Can I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you’ll receive the equivalent cash value of a share worth up to $4,500 CAD as soon as you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Number?
If this review didn’t answered all of your questions, and you’re still searching for additional specific facts relating to Wealthsimple Number, check out the Wealthsimple website to get answers to all your questions.