What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading web app that differentiates itself from the competition by charging absolutely no fees.
A leading Canadian fintech company founded in the Fall 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved considerably over the previous eight years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both individual stocks and also ETFs without needing to pay any fees. The exception is when trading stocks and ETFs which are denominated in USD. In that case, they will charge a small currency conversion fee when buying and selling. But, behind us are the times of paying Upwards of $7 for each trade with digital discount brokerages as was normal only a couple years ago.
Exactly How Much Cash do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large initial deposit amounts of 1k-$5,000. This makes it tough for the normal investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-registered accounts. You can choose between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available on iOS and Google Play. The smartphone app makes the registration process and trading of stocks and ETFs easy.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management (AUM). they’ve been doing business for more than 7 years and also currently employs roughly 600 Canadians. The primary shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to deposit to an account. Just connect the app to a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can just as easily be moved back to a chequing or savings account through the exact same process.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your taxes online free. It’s pitched as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to get 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of online courses on different topics such as saving, investments, crypto, real estate and much more.
All of the mentioned products, including Wealthsimple Trade can be accessed on the app and on their site with one login.
So How Should I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus for our audience you will receive the cash value of a Canadian stock valued at up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions About Wealthsimple Quebec Tax?
If this article hasn’t given you the answers to each of your questions, and you’re still looking for additional information relating to Wealthsimple Quebec Tax, check out the Wealthsimple site for answers to each your questions.