What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Fall of 2014 exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has changed significantly over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without paying any fees. The exception to this is when you’re trading stocks that are denominated in US Dollars. In that case, they charge a small currency conversion fee both when buying and selling. But, past us are the days of having to pay more than $7 per trade with discount brokerages as was the norm just a couple years ago.
How Much Cash do I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of $1000-$5000. This makes it tough for the everyday new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade offers both registered and non-registered account types. You are able to choose between both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available to download on IOS and also Google Play. The smartphone app makes the signup steps and the trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). they’ve been expanding for more than 7 years and also now employs roughly 600 folks. The main owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to deposit to an account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can also be moved back to your chequing or savings accounts through the exact same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-Transfers that allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online for free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to recieve 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of online courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the listed products, including Wealthsimple Trade can be accessed inside the app and at their website with your Wealthsimple login.
But How do I Start Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For a special signup bonus for our audience you’ll get the cash value of a share valued at up to $4,500 Canadian when you fund your account.
So What if I Still Have Questions About Wealthsimple Questionnaire?
If this article hasn’t given you the answers to each of your questions, and you’re searching for additional info about Wealthsimple Questionnaire, visit the Wealthsimple site to find answers to all your questions.