What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading web app that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian fintech company launched in the Fall 2014 originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved considerably over the past 8 years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors to trade stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when trading securities which are listed in USD currency. In which case, they charge a currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 for each trade with online discount brokerages as was common just a couple years ago.
How Much in Funds Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have quite large min deposit amounts of 1K-5K. This makes it impossible for the everyday new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has both registered and non-registered account types. One can select between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on iOS and also Google Play. The smartphone app makes the enrollment steps and also the trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management . These folks have been operating for more than 7 years and also right now employs about 600 Canadians. The primary owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to add money to a new account. Simply connect a chequing or savings account with your Trade account, then fund your account in simply a few steps. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can also be withdrawn your chequing or savings accounts by using the exact same steps.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax season and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to earn 1% cashback on all your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of different courses on different topics such as saving, investing, crypto, mortgages and more.
Each of the listed products, including Wealthsimple Trade can be found on the app and on their site with your Wealthsimple login.
How Should I Get Started With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you will receive the cash value of a stock valued at up to $4,500 CAD once you make an initial deposit to your account.
What if I Still Have Questions About Wealthsimple Risk Level 8?
If this blog post didn’t given you the answers to each of your questions, and you’re browsing for further specific information relating to Wealthsimple Risk Level 8, visit the Wealthsimple site for answers to all your questions.