What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock plus crypto trading web app that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based online financial services business founded in the Autumn 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved substantially over the last eight years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade single stocks and also ETFs without needing to pay fees. The exception is when you’re trading stocks that are listed in US Dollars. In which case, they will charge a nominal currency conversion fee when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was the case only a few years past.
How Much Cash do I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is unique in that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable initial deposit amounts of $1,000-$5,000. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. One can select between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on iOS and Google Play. The mobile app makes the enrollment steps and the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). These folks have been doing business for more than 7 years and also now employs over 600 Canadians. The primary shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add funds to your account. Simply connect to a chequing or savings account to your Trade account, then add money to your account in just a few steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be withdrawn a chequing or savings account using the same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allow one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online for free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets one to recieve 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of courses on different topics such as saving, investments, crypto, mortgages and more.
Every one of the above products, including Wealthsimple Trade may be accessed on the mobile app or at their site with a single login.
How do I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special registration bonus to our audience you will receive the equivalent cash value of a random stock worth $25 up to $4,500 Canadian when you fund your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Vs Wealthfront?
If this blog post hasn’t given you the answers to all of your questions, and you’re still looking for more specific answers relating to Wealthsimple Vs Wealthfront, go to the Wealthsimple site to find answers to all your questions.