What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stock and crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in the Autumn twenty fourteen originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed significantly over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade individual stocks and ETFs without paying fees. The exception to this is when trading stocks and ETFs which are listed in USD currency. In this case, they charge a currency conversion fee both when buying and selling. However, gone are the days of paying $7-12 per each trade with discount brokerages as was the case a couple years past.
How Much Money Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have sizeable min deposit amounts of $1000-5K. This makes it tough for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One can select both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on both Apple and also Google Play. The app makes the signup process and also trading of stocks and ETFs truly simple.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). They have been operating for more than 7 years and also employs over 600 Canadians. The primary owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to fund your account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can just as easily be moved back to a chequing or savings account by using the same method.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-transfers that allow you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and file your tax return online free. It’s pitched to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which lets you to recieve 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the listed features, including Wealthsimple Trade may be found within the app and at their site with a single login.
How Can I Start With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special registration bonus offer to our audience you’ll get the cash value of a random share worth up to $4,500 Canadian as soon as you add funds to your account.