What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading web app that sets itself apart from other apps by charging no fees.
A leading Canadian online financial services business launched in Autumn of twenty fourteen exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has changed considerably over the last eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors trade stand alone stocks and also ETFs without paying any fees. The exception is when trading securities which are displayed in US Dollars. In this case, they do charge a small currency conversion fee when buying and selling. However, behind us are the days of paying Upwards of $7 for each trade with discount brokerages as was the norm only a few years ago.
Exactly How Much in Funds Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable min deposit amounts of $1000-$5000. This makes it hard for the normal investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on iOS and also Android. The smartphone app makes the signup phase and also the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). These folks have been in business for more than 7 years and currently employs roughly 600 Canadians. The controlling shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to fund a new account. Just connect the app to a chequing or savings account to your Trade account, and then add money to your account in simply a few steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to your chequing or savings account with the exact same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-transfers that allow you to quickly and simply 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 advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows you to get 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a variety of courses on different topics such as saving, investments, crypto, home buying and more.
Every one of the listed products, including Wealthsimple Trade can be found on the app or at the website with one login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus to our audience you’ll receive the equivalent cash value of a share worth $25 up to $4,500 Canadian when you add funds to your account.
What if I Still Have Additional Questions About Wealthsimple Wallet?
If this article didn’t given you the answers to each of your questions, and you’re still browsing for more specific answers relating to Wealthsimple Wallet, visit the Wealthsimple site for answers to each your questions.