What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stock and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A leading Canadian fintech business founded in the Fall of twenty fourteen exclusively as a robo-advisor trading app called Wealthsimple Invest, it has evolved substantially over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade both individual stocks and ETFs without needing to pay fees. The exception to this is when you’re trading stocks which are listed in US Dollars. In that case, they will charge a currency conversion fee both when buying and selling. However, behind us are the times of having to pay $7-12 per each trade with discount brokerages as was the case just a couple years ago.
How Much in Funds do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5000. This makes it hard for the common new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has registered and non-CRA-registered account types. One are able to choose both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on IOS and Android. The smartphone app makes the enrollment steps and also the trading of stocks and ETFs very a breeze.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and employs about 600 people. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add money to an account. Simply connect a chequing or savings account with your Trade account, and fund your account in just a few clicks. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can the same way can be moved to a chequing or savings account through the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-Transfers which allow you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your tax return online free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which allows you to recieve 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of courses on different topics such as saving, investing, crypto, mortgages and more.
Each of the above products, along with Wealthsimple Trade can be found on the app and from their site with a single login.
How do I Begin Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the equivalent cash value of a share worth up to $4,500 CAD once you fund your account.
What if I Still Have Additional Questions Concerning Wealthsimple Savings Account?
If this blog post didn’t given you the answers to all of your questions, and you’re looking for more specific facts about Wealthsimple Savings Account, visit the Wealthsimple website to get answers to all your questions.