What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks and crypto trading app that distinguishes itself from its competitors by charging no fees.
A leading Canadian fintech business founded in the Autumn twenty fourteen exclusively as a robo advisor automated trading platform named Wealthsimple Invest, it has grown considerably over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade both individual stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks which are displayed in USD currency. In that case, they will charge a small currency conversion fee when buying and selling. However, gone are the times of having to pay $7-12 per each trade with discount brokerages as was the norm only a couple years past.
How Much in Funds do I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and brokerages have sizeable initial deposit amounts of $1,000-5K. This makes it difficult for the everyday investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has registered and non-CRA-registered account types. You are free to select both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app offered on both Apple and Android. The mobile app makes the signup process and the trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). They have been operating for more than 7 years and also at this time employs about 600 Canadians. The majority owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to fund a new account. Simply connect to a chequing or savings account with your Trade account, and fund your account in just a few clicks. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can just as easily be moved to a chequing or savings accounts with the same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-Transfers that allows anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online for free. It’s advertised as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account that lets you to recieve 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of different courses on saving, investing, crypto, mortgages and much more.
All of the above features, along with Wealthsimple Trade may be found on the app or from their site with one login.
How do I Begin Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special registration bonus offer to our readers you’ll get the cash value of a share valued at $25 up to $4,500 CAD once you make an initial deposit to your account.
What if I Still Have Additional Questions About Wealthsimple Plus?
If this review hasn’t answered each of your questions, and you’re still browsing for more answers about Wealthsimple Plus, visit the Wealthsimple website for answers to every one of your questions.