What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading web app that differentiates itself from similar apps by charging absolutely no fees.
A online financial services business launched in the Fall 2014 exclusively as a robo advisor trading platform named Wealthsimple Invest, it has changed substantially over the last eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade individual stocks and ETFs without paying fees. The exception to this is when trading ETFs and stocks that are displayed in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. But, past us are the times of having to pay more than $7 for each trade with online discount brokerages as was the norm a few years past.
Exactly How Much Cash do I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of 1K-5K. This makes it impossible for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. You can select both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered on both iOS and also Google Play. The mobile app makes the registration process and also trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also now employs over 600 folks. The controlling owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage to operate in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to a new account. Simply connect the app to a chequing or savings account with your Trade account, and add money to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be moved back to a chequing or savings account by the exact same steps.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-transfers that allows one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your taxes online for free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to get 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of online courses on saving, investing, crypto, real estate and much more.
Each of the listed features, including Wealthsimple Trade can be found inside the app and from their site with one login.
How do I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special registration bonus offer for our readers you will get the cash value of a Canadian stock valued at $25 up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions About Wealthsimple Outage?
If this blog post didn’t given you the answers to all of your questions, and you’re browsing for additional specific information about Wealthsimple Outage, go to the Wealthsimple website for answers to all your questions.