What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading app that distinguishes itself from other apps by charging no fees.
A online financial services company founded in the Fall 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors to trade stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading stocks and ETFs that are displayed in USD currency. In that case, they do charge a currency conversion fee when buying and selling. But, past us are the times of having to pay Upwards of $7 for each trade with discount brokerages as was common just a couple years past.
How Much Money do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have sizeable initial deposit amounts of $1,000-5k. This makes it impossible for the every day new investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers registered and non-registered accounts. One can choose between both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on iOS and Google Play. The smartphone app makes the enrollment phase and the trading of stocks and ETFs simple.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). This company has been expanding for more than 7 years and also now employs more than 600 folks. The primary shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add funds to an account. Just connect a chequing or savings account with your Trade account, and add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can just as easily be moved back to your chequing or savings accounts with the exact same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-Transfers which allows you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online for free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that lets you to recieve 1% cashback on all your everyday spending, and also get a competitive 1.5% interest rate 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, real estate and much more.
All of the above products, including Wealthsimple Trade can be accessed within the mobile app and on the site with your Wealthsimple login.
How Can I Get Started Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive registration bonus for our audience you’ll get the cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you deposit to your account.
So What if I Still Have Additional Questions Related to Wealthsimple Xeqt?
If this review hasn’t given you the answers to each of your questions, and you’re searching for more specific facts relating to Wealthsimple Xeqt, check out the Wealthsimple website to find answers to each your questions.