What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading app that sets itself apart from its competitors by charging no fees.
A online financial services company founded in the Fall 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved substantially over the last 8 years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade single stocks and also ETFs without having to pay fees. The exception is when you’re trading ETFs and stocks that are denominated in USD currency. In that case, they will charge a currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 per each trade with online discount brokerages as was common a couple years ago.
How Much in Funds do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large initial deposit amounts of 1K-$5000. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are free to choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on IOS and also Android. The app makes the enrollment process and also the trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). These folks have been doing business for more than 7 years and also right now employs more than 600 people. The controlling owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to deposit to a new account. Just connect a chequing or savings account with your Trade account, and then fund your account in just a few steps. Deposits from your bank to Wealthsimple normally take just a few days. Funds can just as easily be moved to a chequing or savings account by the same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-Transfers that allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online free. It’s described as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows one to recieve 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of courses on different topics such as saving, investing, crypto, mortgages and much more.
Each of the listed features, including Wealthsimple Trade can be found inside the mobile app or from the site with a single login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As an exclusive signup bonus to our readers you will get the cash value of a random share valued at $25 up to $4,500 CAD once you make an initial deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Yield?
If this blog post didn’t answered all of your questions, and you’re still looking for more answers relating to Wealthsimple Yield, go to the Wealthsimple website to find answers to every one of your questions.