What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks and crypto trading web app that differentiates itself from similar apps by charging no fees.
A leading Canadian fintech company launched in Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has grown considerably over the past eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade individual stocks and ETFs without needing to pay fees. The exception is when you’re trading stocks which are listed in US Dollars. In this case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying Upwards of $7 per each trade with discount brokerages as was common a few years past.
How Much Cash do I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large minimum deposit amounts of $1,000-5k. This makes it hard for the typical investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-registered account types. You may choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on iOS and Google Play. The app makes the enrollment phase and the trading of stocks and ETFs super easy.
Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and right now employs about 600 Canadians. The majority shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to deposit to your new account. Just connect the app to a chequing or savings account to your Trade account, then add money to your account in simply a few clicks. Deposits from banks to Wealthsimple usually take only a few days. Funds can just as easily be withdrawn your chequing or savings account by the same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to E-transfers that allow one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online free. It’s described as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows you to get 1% cashback on all your purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of online courses on topics like saving, investing, crypto, real estate and much more.
Every one of the listed products, along with Wealthsimple Trade may be found in the mobile app or from their site with a single login.
How Should I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For an exclusive signup bonus for our audience you’ll get the cash value of a random Canadian stock worth up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Questions About Zfl Wealthsimple?
If this article didn’t answered all of your questions, and you’re still browsing for more specific answers relating to Zfl Wealthsimple, check out the Wealthsimple site for answers to all your questions.