What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading platform that distinguishes itself from the competition by charging no fees.
A Toronto, Ontario based fintech company founded in the Autumn of 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has grown considerably over the past eight years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both individual stocks and ETFs without paying any fees. The exception is when you’re trading ETFs and stocks that are listed in USD. In that case, they will charge a currency conversion fee when buying and selling. However, behind us are the days of paying $7-12 for each trade with discount brokerages as was common just a few years past.
Exactly How Much Cash Will I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large minimum deposit amounts of $1,000-5k. This makes it difficult for the normal investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade offers registered and non-CRA-registered account types. You are able to choose between both RRSP and TFSA account types in the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available on both iOS and also Android. The smartphone app makes the signup process and also trading of stocks and ETFs very simple.
Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). They have been operating for more than 7 years and also currently employs over 600 Canadians. The main owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund a new account. Simply connect a chequing or savings account to your Trade account, and then add funds to your account in only a few steps. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can the same way can be moved back to a chequing or savings account with the exact same steps.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac E-transfers that allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online free. It’s described as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows one to recieve 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of different courses on saving, investing, crypto, real estate and much more.
Every one of the listed products, including Wealthsimple Trade may be accessed on the mobile app and from the site with your Wealthsimple login.
But How do I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special signup bonus offer to our readers you will receive the equivalent cash value of a share worth up to $4,500 CAD as soon as you make an initial deposit to your account.
What if I Still Have Additional Questions About Wealthsimple Zfl?
If this blog post hasn’t given you the answers to all of your questions, and you’re searching for further facts about Wealthsimple Zfl, check out the Wealthsimple website to find answers to all your questions.