What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks plus crypto trading platform that distinguishes itself from similar apps by charging absolutely no fees.
A online financial services company founded in Autumn of 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has grown considerably over the last 8 years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors trade both single stocks and ETFs without paying any fees. The exception to this is when trading stocks which are listed in USD. In this case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 for each trade with online discount brokerages as was the case only a couple years past.
How Much Cash Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have large minimum deposit amounts of $1000-$5000. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade has both registered and non-CRA-registered accounts. One may choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on Apple and also Google Play. The smartphone app makes the registration process and the trading of stocks and ETFs simple.
So Is Wealthsimple Trade Safe?
. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). These folks have been operating for more than 7 years and also now employs about 600 folks. The primary shareholder is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to deposit to a new account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in only a few steps. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can the same way can be moved to a chequing or savings accounts with the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your taxes online free. It’s pitched as 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 all your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of online courses on saving, investing, crypto, real estate and more.
Every one of the listed products, along with Wealthsimple Trade may be accessed inside the mobile app and from their website with one login.
So How Should I Start Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll get the equivalent cash value of a Canadian stock worth up to $4,500 CAD as soon as you make an initial deposit to your account.
What if I Still Have Questions About Your Deposit Needs To Settle Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still looking for further answers about Your Deposit Needs To Settle Wealthsimple, visit the Wealthsimple site to find answers to all your questions.