What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A leading Canadian fintech company launched in Fall 2014 exclusively as a robo-advisor trading app named Wealthsimple Invest, it has improved significantly over the past eight years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers trade single stocks and also ETFs without needing to pay any commissions. The exception is when trading ETFs and stocks that are listed in USD currency. In this case, they will charge a nominal currency conversion fee when buying and selling. However, behind us are the days of paying $7-12 per trade with discount brokerages as was normal a couple years past.
Exactly How Much Cash do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of 1k-$5000. This makes it difficult for the common investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has CRA registered and non-registered account types. One are able to choose between both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on both iOS and also Google Play. The app makes the enrollment process and the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). This company has been operating for more than 7 years and at this time employs roughly 600 folks. The main owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add money to your new account. Simply connect to a chequing or savings account to your Trade account, then add money to your account in just a couple of clicks. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be moved to your chequing or savings accounts through the same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to E-Transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your tax return online for free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that lets you to recieve 1% cashback on your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different courses on topics like saving, investing, crypto, mortgages and more.
Every one of the listed products, including Wealthsimple Trade may be found on the mobile app or at their website with your Wealthsimple login.
But How do I Start With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus for our readers you will get the equivalent cash value of a share valued at up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Additional Questions About Wealthsimple Watchlist?
If this review hasn’t given you the answers to all of your questions, and you’re browsing for additional specific info about Wealthsimple Watchlist, go to the Wealthsimple site for answers to every one of your questions.