What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks plus crypto trading web app that distinguishes itself from the competition by charging absolutely no fees.
A leading Canadian fintech company founded in Autumn twenty fourteen originally as a robo-advisor automated trading platform named Wealthsimple Invest, it has improved significantly over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade both individual stocks and ETFs without needing to pay any commissions. The exception is when trading securities which are displayed in USD. In this case, they will charge a small currency conversion fee both when buying and selling. However, past us are the days of paying $7-12 per each trade with digital discount brokerages as was the norm just a few years ago.
Exactly How Much Cash Will I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have large initial deposit amounts of 1K-5K. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both registered and non-CRA-registered accounts. One are able to choose between both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both iOS and Google Play. The app makes the signup process and trading of stocks and ETFs truly painless.
So Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). They have been expanding for more than 7 years and also currently employs more than 600 Canadians. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved to a chequing or savings account by the exact same steps.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online for free. It’s described to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that lets you to earn 1% cashback on your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a variety of courses on saving, investing, crypto, home buying and more.
Every one of the mentioned products, including Wealthsimple Trade can be accessed in the mobile app and on the website with a single login.
So How do I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special signup bonus to our audience you’ll get the equivalent cash value of a stock worth up to $4,500 CAD when you deposit to your account.
What if I Still Have Questions About Wealthsimple W-8ben?
If this blog post hasn’t given you the answers to each of your questions, and you’re still browsing for additional specific info about Wealthsimple W-8ben, check out the Wealthsimple website to find answers to every one of your questions.