What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock and crypto trading app that sets itself apart from the competition by charging no fees.
A leading Canadian online financial services business launched in Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has improved substantially over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors trade both individual stocks and also ETFs without paying fees. The exception is when you’re trading ETFs and stocks that are displayed in USD. In which case, they will charge a small currency conversion fee both when buying and selling. However, gone are the times of having to pay Upwards of $7 per each trade with digital discount brokerages as was normal a few years ago.
How Much Money Will I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is special in 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 $1000-5K. This makes it difficult for the normal investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has both registered and non-CRA-registered accounts. You are free to choose both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is available on both Apple and also Google Play. The app makes the enrollment phase and the trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD in Assets Under Management . they’ve been expanding for more than 7 years and also right now employs more than 600 people. The controlling owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.
So How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to deposit to an account. Just connect a chequing or savings account with your Trade account, and add money to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take just a few days. Funds can the same way can be moved to your chequing or savings accounts by using the exact same steps.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-Transfers which allow you to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your tax return online free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which lets one to recieve 1% cashback on all your spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of different courses on topics like saving, investments, crypto, mortgages and more.
Every one of the above products, including Wealthsimple Trade can be found within the mobile app or from their site with one login.
But How do I Get Started With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you’ll receive the cash value of a Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.
So What if I Still Have Questions Related to Newton Vs Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re browsing for further answers about Wealthsimple Trade 60, go to the Wealthsimple site to find answers to all your questions.