What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock and crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in Autumn 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed significantly over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors to trade single stocks and ETFs without having to pay any commissions. The exception to this is when trading stocks and ETFs that are displayed in US Dollars. In this case, they will charge a currency conversion fee when buying and selling. However, gone are the times of paying Upwards of $7 for each trade with discount brokerages as was expected just a couple years past.
How Much Cash Will I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of $1,000-$5000. This makes it impossible for the normal new 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 TFSA Accounts?
Yes. Wealthsimple Trade has CRA registered and non-registered account types. You are free to select both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both iOS and also Android. The smartphone app makes the enrollment phase and also the trading of stocks and ETFs simple.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . they’ve been expanding for more than 7 years and at this time employs more than 600 Canadians. The primary owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to a new account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be withdrawn a chequing or savings account through the same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers that allows you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your taxes online free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that lets you to recieve 1% cashback on your spending, and also 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 topics like saving, investing, crypto, home buying and more.
Every one of the mentioned products, including Wealthsimple Trade can be accessed inside the mobile app and on the site with your Wealthsimple login.
So How Should I Begin Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive registration bonus for our audience you’ll receive the cash value of a random share valued at up to $4,500 Canadian as soon as you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Open Account?
If this article still hasn’t given you the answers to each of your questions, and you’re still looking for additional info about Wealthsimple Open Account, check out the Wealthsimple site to find answers to each your questions.