What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A leading Canadian fintech company launched in Fall of 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has grown significantly over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers to trade single stocks and ETFs without paying fees. The exception to this is when trading stocks that are displayed in USD. In that case, they do charge a currency conversion fee when buying and selling. But, past us are the days of paying more than $7 for each trade with digital discount brokerages as was the norm just a couple years past.
How Much Money do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they allow investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it hard for the typical 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?
It does. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is offered on IOS and also Android. The smartphone app makes the registration steps and also trading of stocks and ETFs very painless.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs about 600 folks. The majority owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to fund your account. Just connect the app to a chequing or savings account with your Trade account, then add money to your account in only a couple of steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can the same way can be moved back to a chequing or savings account with the same process.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac 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 this tax year and submit your taxes online for free. It’s pitched as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product that allows one to recieve 1% cashback on all your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a variety of online courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the above features, along with Wealthsimple Trade may be found on the app or at their website with your Wealthsimple login.
So How do I Get Started Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For a special registration bonus offer for our readers you’ll receive the equivalent cash value of a random stock worth up to $4,500 CAD as soon as you fund your account.
But What if I Still Have Questions Related to Wealthsimple Quebec?
If this review didn’t given you the answers to all of your questions, and you’re still browsing for more specific answers relating to Wealthsimple Quebec, check out the Wealthsimple site to find answers to each your questions.