What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A online financial services business founded in the Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has improved considerably over the past 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and also ETFs without needing to pay commissions. The exception to this is when trading securities that are displayed in USD currency. In that case, they charge a nominal currency conversion fee when buying and selling. However, gone are the days of paying Upwards of $7 for each trade with discount brokerages as was the norm just a couple years past.
Exactly How Much Cash do I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large initial deposit amounts of 1k-5K. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available on both Apple and Google Play. The smartphone app makes the signup steps and also the trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and now employs roughly 600 people. The majority shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to fund your account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in only a couple of clicks. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can also be withdrawn your chequing or savings accounts with the same process.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your tax return online for free. It’s described to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that allows you to recieve 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a ton of online courses on saving, investments, crypto, real estate and much more.
Every one of the listed features, including Wealthsimple Trade may be accessed in the mobile app or at their site with one login.
How do I Start Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus offer for our readers you’ll get the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Concerning Wealthsimple Widget?
If this review still hasn’t given you the answers to all of your questions, and you’re browsing for further specific info about Wealthsimple Widget, go to the Wealthsimple site for answers to each your questions.