What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock plus crypto trading app that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in Autumn twenty fourteen originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has changed significantly over the previous 8 years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers trade individual stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks and ETFs which are displayed in US Dollars. In this case, they do charge a nominal currency conversion fee when buying and selling. But, past us are the days of paying $7-12 per each trade with online discount brokerages as was the case only a couple years ago.
Exactly How Much Cash Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of 1k-$5,000. This makes it difficult for the common investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-registered accounts. You can select both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available on iOS and also Android. The smartphone app makes the registration steps and also trading of stocks and ETFs painless.
But Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian of Assets Under Management . These folks have been doing business for more than 7 years and also now employs roughly 600 people. The main shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to deposit to your account. Just connect the app to a chequing or savings account to your Trade account, and fund your account in simply a few steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be withdrawn your chequing or savings accounts by the exact same process.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-Transfers that allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your taxes online free. It’s described as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows one to recieve 1% cashback on all your spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of online courses on different topics such as saving, investing, crypto, mortgages and much more.
Each of the listed products, including Wealthsimple Trade may be found within the mobile app or at their site with one login.
So How Can I Start With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive signup bonus offer for our audience you’ll receive the cash value of a random share worth up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Related to Wealthsimple Youtube?
If this blog post still hasn’t given you the answers to each of your questions, and you’re looking for additional specific answers relating to Wealthsimple Youtube, go to the Wealthsimple website to get answers to every one of your questions.