What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stocks plus crypto trading app that differentiates itself from its competitors by charging absolutely no fees.
A online financial services company launched in Autumn twenty fourteen originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown considerably over the previous eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading ETFs and stocks which are listed in USD. In that case, they charge a small currency conversion fee when buying and selling. But, gone are the times of paying $7-12 per trade with digital discount brokerages as was expected only a few years past.
How Much in Funds Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large min deposit amounts of 1k-$5,000. This makes it hard for the common new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. You may select between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app available on iOS and also Android. The app makes the registration process and also the trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also at this time employs more than 600 Canadians. The majority owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to deposit to your account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can also be withdrawn a chequing or savings account by the exact same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-Transfers which allows one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online for free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to get 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on topics like saving, investing, crypto, home buying and much more.
Every one of the mentioned features, including Wealthsimple Trade may be found in the app and at the website with a single login.
How do I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus for our audience you’ll get the cash value of a random Canadian stock valued at up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Additional Questions About Wealthsimple Tfsa?
If this review didn’t given you the answers to each of your questions, and you’re browsing for additional information relating to Wealthsimple Tfsa, visit the Wealthsimple site to find answers to all your questions.