What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading web app that distinguishes itself from similar apps by charging no fees.
A fintech company launched in Autumn of 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has evolved considerably over the last 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers trade both individual stocks and also ETFs without needing to pay any commissions. The exception is when trading securities which are displayed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying $7-12 per each trade with digital discount brokerages as was the case just a few years past.
How Much Money do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of only $1. Most traditional banks and brokerages have large min deposit amounts of $1,000-5k. This makes it impossible for the everyday investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available on iOS and Android. The mobile app makes the signup process and also the trading of stocks and ETFs easy.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been doing business for more than 7 years and now employs about 600 folks. The primary shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to deposit to an account. Simply connect a chequing or savings account to your Trade account, then add money to your account in only a couple of steps. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can also be moved to a chequing or savings accounts through the exact same steps.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-transfers that allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online for free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to get 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of different courses on saving, investing, crypto, home buying and much more.
Every one of the mentioned products, including Wealthsimple Trade may be found inside the mobile app or on their site with a single login.
How Can I Begin With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus for our audience you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Yearly Returns?
If this article still hasn’t given you the answers to all of your questions, and you’re still browsing for more specific information about Wealthsimple Trade Contact Number Canada, visit the Wealthsimple website to get answers to all your questions.