What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities plus crypto trading app that distinguishes itself from other apps by charging no fees.
A online financial services business founded in Autumn of 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has improved significantly over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade single stocks and also ETFs without needing to pay fees. The exception is when you’re trading ETFs and stocks which are denominated in USD currency. In this case, they charge a currency conversion fee when buying and selling. But, past us are the times of paying $7-12 per each trade with discount brokerages as was the case only a few years past.
How Much Money Will I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it hard for the common new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade offers registered and non-CRA-registered account types. One can choose between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on IOS and Google Play. The app makes the registration phase and the trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and right now employs roughly 600 Canadians. The majority shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to deposit to a new account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in just a couple of steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can also be moved back to your chequing or savings account by the same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers which allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and file your tax return online free. It’s described to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which lets one to earn 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of courses on saving, investments, crypto, home buying and more.
All of the mentioned features, including Wealthsimple Trade can be accessed inside the mobile app and from their website with a single login.
How do I Start Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For a special registration bonus to our readers you will receive the equivalent cash value of a share valued at up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Additional Questions Related to Young And Thrifty Wealthsimple?
If this article didn’t given you the answers to each of your questions, and you’re browsing for more specific info about Young And Thrifty Wealthsimple, go to the Wealthsimple website to get answers to all your questions.