What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading platform that distinguishes itself from its competitors by charging no fees.
A online financial services business founded in the Autumn 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has grown significantly over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors to trade both stand alone stocks and also ETFs without having to pay fees. The exception to this is when you’re trading securities which are listed in USD. In that case, they will charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying more than $7 per each trade with online discount brokerages as was common only a couple years past.
Exactly How Much Cash Will I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of only $1. Many alternative banks and discount brokerages have quite large minimum deposit amounts of 1K-$5000. This makes it tough for the everyday new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-registered accounts. You are able to choose both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available on both IOS and also Android. The smartphone app makes the signup process and trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management . They have been expanding for more than 7 years and also at this time employs over 600 Canadians. The main shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to add funds to your new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take a few days. Funds can also be moved to your chequing or savings account using the 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 money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your taxes online free. It’s advertised as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on different topics such as saving, investing, crypto, real estate and more.
Each of the above features, including Wealthsimple Trade may be found in the mobile app and from the site with one login.
So How do I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive signup bonus for our audience you’ll receive the cash value of a Canadian stock valued at up to $4,500 Canadian once you make an initial deposit to your account.
What if I Still Have Additional Questions About Wealthsimple Ownership?
If this article hasn’t answered each of your questions, and you’re browsing for more info relating to Wealthsimple Ownership, check out the Wealthsimple website to find answers to all your questions.