What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading app that differentiates itself from other apps by charging no fees.
A leading Canadian online financial services business launched in the Autumn of twenty fourteen originally as a robo-advisor trading app called Wealthsimple Invest, it has improved considerably over the previous eight years to feature Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and ETFs without needing to pay commissions. The exception to this is when you’re trading stocks and ETFs that are denominated in USD. In this case, they charge a currency conversion fee both when buying and selling. But, past us are the times of paying more than $7 per trade with digital discount brokerages as was expected just a couple years ago.
How Much in Funds do I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow investors to make a minimum deposit of just $1. Most alternative banks and brokerages have large initial deposit amounts of $1000-5k. This makes it tough for the everyday new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on IOS and also Google Play. The smartphone app makes the enrollment process and the trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). They have been doing business for more than 7 years and also right now employs more than 600 people. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to deposit to your account. Simply connect a chequing or savings account to your Trade account, and then add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be withdrawn your chequing or savings account by the same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your tax return online free. It’s described to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account that lets you to get 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of different online courses on topics like saving, investing, crypto, real estate and much more.
All of the mentioned products, along with Wealthsimple Trade may be found in the app and from the website with a single login.
How Can I Begin With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special registration bonus offer for our readers you will get the cash value of a random Canadian stock worth up to $4,500 Canadian as soon as you make an initial deposit to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Save?
If this review hasn’t answered all of your questions, and you’re browsing for more answers relating to Wealthsimple Save, visit the Wealthsimple site for answers to all your questions.