What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stocks plus crypto trading app that sets itself apart from its competitors by charging no fees.
A Toronto, Ontario based online financial services business launched in Fall of twenty fourteen exclusively as a robo advisor trading app called Wealthsimple Invest, it has changed substantially over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade both individual stocks and also ETFs without paying fees. The exception to this is when trading stocks that are listed in USD currency. In that case, they do charge a small currency conversion fee both when buying and selling. However, past us are the times of paying $7-12 per each trade with online discount brokerages as was expected a couple years past.
Exactly How Much in Funds do I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. Most traditional banks and brokerages have large min deposit amounts of 1K-$5,000. This makes it difficult for the every day investor to start. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available on IOS and also Android. The mobile app makes the enrollment steps and also the trading of stocks and ETFs truly painless.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). This company has been expanding for more than 7 years and also employs about 600 people. The main owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to add funds to your account. Just connect to a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of steps. Deposits from your bank to Wealthsimple normally take just a few days. Funds can just as easily be withdrawn your chequing or savings accounts through the same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow anyone to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online for free. It’s advertised to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows one to recieve 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different online courses on saving, investments, crypto, real estate and much more.
Every one of the mentioned products, including Wealthsimple Trade can be accessed in the mobile app and at their site with one login.
How Should I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special registration bonus offer for our readers you will get the cash value of a random Canadian stock worth up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Questions Related to Wealthsimple?
If this review still hasn’t given you the answers to all of your questions, and you’re still looking for additional info about Wealthsimple, go to the Wealthsimple website to find answers to all your questions.