What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock and crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in the Fall twenty fourteen exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has grown significantly over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both single stocks and ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs which are displayed in USD. In that case, they do charge a currency conversion fee when buying and selling. However, gone are the days of paying $7-12 per trade with digital discount brokerages as was the case a few years ago.
Exactly How Much Cash do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large minimum deposit amounts of $1000-$5,000. This makes it impossible for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available on IOS and also Google Play. The mobile app makes the signup phase and the trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and also now employs more than 600 people. The primary shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to a new account. Simply connect a chequing or savings account with your Trade account, and add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can the same way can be moved to a chequing or savings account with the same method.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your tax return online free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to earn 1% cashback on your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of courses on saving, investments, crypto, mortgages and much more.
Every one of the listed products, along with Wealthsimple Trade can be accessed on the mobile app or from their site with your Wealthsimple login.
So How Can I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll receive the cash value of a random stock worth $25 up to $4,500 Canadian once you deposit to your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Valuation?
If this review hasn’t given you the answers to each of your questions, and you’re still looking for further specific facts about Wealthsimple Valuation, check out the Wealthsimple website to find answers to each your questions.