What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading platform that distinguishes itself from the competition by charging no fees.
A fintech company launched in the Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has changed significantly over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without paying any fees. The exception to this is when trading stocks which are denominated in USD. In this case, they charge a currency conversion fee both when buying and selling. But, gone are the days of paying more than $7 for each trade with online discount brokerages as was the norm only a couple years ago.
How Much in Funds do I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large initial deposit amounts of 1K-$5,000. This makes it hard for the typical new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is available to download on both Apple and also Android. The mobile app makes the enrollment steps and trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian in Assets Under Management (AUM). they’ve been in business for more than 7 years and also right now employs more than 600 Canadians. The main shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to fund a new account. Simply connect a chequing or savings account with your Trade account, and then fund your account in only a few steps. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can the same way can be moved back to your chequing or savings account through the exact same steps.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your taxes online free. It’s described to be easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to recieve 1% cashback on your spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on topics like saving, investments, crypto, mortgages and more.
Each of the above features, along with Wealthsimple Trade can be found within the mobile app or on their website with your Wealthsimple login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special signup bonus to our audience you will receive the cash value of a random stock worth $25 up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Related to Wealthsimple Save Interest Rate?
If this review didn’t given you the answers to all of your questions, and you’re still looking for additional info relating to Wealthsimple Save Interest Rate, go to the Wealthsimple site for answers to all your questions.