What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stocks plus crypto trading platform that distinguishes itself from the competition by charging absolutely no fees.
A fintech company founded in Autumn of 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has grown substantially over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade stand alone stocks and ETFs without having to pay any commissions. The exception to this is when trading stocks that are denominated in US Dollars. In that case, they will charge a currency conversion fee when buying and selling. However, past us are the days of paying more than $7 for each trade with online discount brokerages as was expected only a few years ago.
Exactly How Much Cash Will I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is special such that they allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have large initial deposit amounts of $1,000-$5000. This makes it hard for the common investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered account types. One are able to choose between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on iOS and Android. The app makes the registration phase and also the trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been expanding for more than 7 years and also now employs about 600 Canadians. The primary owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to fund a new account. Simply connect a chequing or savings account with your Trade account, then add money to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can just as easily be moved back to your chequing or savings accounts using the same steps.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-transfers which allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your tax return online free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to get 1% cashback on your everyday purchases, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a ton of different courses on saving, investing, crypto, mortgages and more.
Every one of the above features, along with Wealthsimple Trade may be accessed inside the app or on the site with your Wealthsimple login.
So How Can I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus offer to our readers you will receive the equivalent cash value of a random stock valued at up to $4,500 Canadian as soon as you make an initial deposit to your account.
What if I Still Have Questions About Wealthsimple Levels.fyi?
If this article still hasn’t given you the answers to all of your questions, and you’re still browsing for further information relating to Wealthsimple Trade Close Account, check out the Wealthsimple website to find answers to every one of your questions.