What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A fintech company founded in the Fall twenty fourteen originally as a robo advisor trading platform called Wealthsimple Invest, it has evolved significantly over the previous 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers to trade both single stocks and also ETFs without having to pay any fees. The exception to this is when trading stocks which are denominated in USD currency. In that case, they charge a currency conversion fee when buying and selling. But, past us are the times of paying $7-12 per trade with online discount brokerages as was expected just a few years ago.
How Much in Funds Will I Need to Start on Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large min deposit amounts of 1K-$5,000. This makes it impossible for the every day new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. One can select both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available on IOS and Google Play. The app makes the registration steps and trading of stocks and ETFs truly painless.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . they’ve been operating for more than 7 years and at this time employs roughly 600 folks. The primary owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add money to a new account. Just connect a chequing or savings account to your Trade account, then fund your account in only a few clicks. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can the same way can be moved back to your chequing or savings accounts by the same method.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac e-transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and file your tax return online for free. It’s pitched as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to get 1% cashback on your spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of online courses on saving, investments, crypto, real estate and more.
All of the mentioned features, along with Wealthsimple Trade can be found inside the mobile app and from the site with one login.
So How Can I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus to our readers you’ll get the cash value of a random stock valued at $25 up to $4,500 CAD as soon as you deposit to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Koho?
If this blog post didn’t answered all of your questions, and you’re browsing for further specific info about Wealthsimple Trade Bonds, check out the Wealthsimple website for answers to every one of your questions.