What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading web app that distinguishes itself from other apps by charging no fees.
A fintech business founded in the Autumn 2014 originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has changed significantly over the past eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade both single stocks and also ETFs without paying any commissions. The exception is when trading stocks and ETFs that are displayed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. However, gone are the days of paying more than $7 for each trade with digital discount brokerages as was the case a few years ago.
Exactly How Much in Funds do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of $1000-5k. This makes it impossible for the normal new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-registered accounts. You are able to choose between both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered on IOS and Android. The app makes the registration steps and the trading of stocks and ETFs simple.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . These folks have been operating for more than 7 years and also at this time employs more than 600 people. The main shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to deposit to an account. Simply connect to a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can the same way can be withdrawn a chequing or savings account through the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-transfers that allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your tax return online free. It’s described to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to get 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of online courses on different topics such as saving, investing, crypto, mortgages and more.
Every one of the listed products, along with Wealthsimple Trade may be found inside the mobile app or on their website with a single login.
So How Should I Start Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As an exclusive signup bonus for our readers you will get the cash value of a random share worth up to $4,500 Canadian when you fund your account.
So What if I Still Have Additional Questions Related to Wealthsimple Twitter?
If this article didn’t given you the answers to all of your questions, and you’re still looking for additional info relating to Wealthsimple Twitter, go to the Wealthsimple website to find answers to each your questions.