What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading platform that differentiates itself from other apps by charging absolutely no fees.
A fintech business launched in the Fall of 2014 originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has improved significantly over the last 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers to trade stand alone stocks and ETFs without needing to pay any fees. The exception to this is when trading stocks that are displayed in US Dollars. In that case, they will charge a currency conversion fee both when buying and selling. But, past us are the days of paying Upwards of $7 per each trade with digital discount brokerages as was expected a couple years ago.
How Much Cash Will I Need to Start on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of 1K-$5,000. This makes it difficult for the every day new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. You may select both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on iOS and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is secure. Wealthsimple has over 15 billion Canadian in Assets Under Management . They have been in business for more than 7 years and also now employs more than 600 folks. The primary owner is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, then add money to your account in simply a few steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be withdrawn a chequing or savings accounts by using the exact same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-transfers which allow anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your tax return online for free. It’s pitched as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets you to get 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of online courses on saving, investments, crypto, home buying and more.
All of the mentioned features, including Wealthsimple Trade may be accessed within the app and from their website with one login.
But How Can I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special registration bonus to our readers you’ll receive the cash value of a random stock worth $25 up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions About What Is Wealthsimple Invest?
If this review still hasn’t answered all of your questions, and you’re still looking for additional specific info about What Is Wealthsimple Invest, go to the Wealthsimple website for answers to every one of your questions.