What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading web app that sets itself apart from other apps by charging absolutely no fees.
A online financial services business launched in Fall of twenty fourteen originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has evolved substantially over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors to trade individual stocks and ETFs without paying commissions. The exception is when you’re trading stocks which are displayed in USD currency. In which case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying Upwards of $7 for each trade with digital discount brokerages as was expected only a few years past.
Exactly How Much in Funds Will I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large minimum deposit amounts of 1K-$5000. This makes it impossible for the common new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers CRA registered and non-registered accounts. One may choose between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on both iOS and also Google Play. The smartphone app makes the signup process and also the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). These folks have been in business for more than 7 years and currently employs over 600 people. The majority owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add money to your new account. Just connect the app to a chequing or savings account to your Trade account, and add money to your account in only a couple of clicks. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can also be moved back to a chequing or savings accounts by the same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers which allows one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your taxes online free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows one to get 1% cashback on your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a ton of different courses on topics like saving, investing, crypto, real estate and much more.
Each of the mentioned features, including Wealthsimple Trade can be found within the mobile app and on their site with one login.
So How Can I Get Started With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special signup bonus for our audience you will receive the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian when you fund your account.
What if I Still Have Questions Concerning Wealthsimple Risk Level 7?
If this article didn’t answered each of your questions, and you’re browsing for further info relating to Wealthsimple Risk Level 7, visit the Wealthsimple site for answers to all your questions.