What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading web app that distinguishes itself from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in the Autumn twenty fourteen exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has grown substantially over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without needing to pay commissions. The exception to this is when trading stocks and ETFs that are denominated in USD currency. In which case, they charge a nominal currency conversion fee when buying and selling. But, past us are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was expected just a few years past.
How Much Money Will I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large minimum deposit amounts of 1k-5k. This makes it hard for the normal new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers both registered and non-registered account types. One can choose between both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on IOS and Android. The app makes the registration steps and also the trading of stocks and ETFs incredibly a breeze.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and currently employs roughly 600 Canadians. The primary owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to deposit to your new account. Just connect to a chequing or savings account with your Trade account, and add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be moved to a chequing or savings account through the exact same method.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to E-transfers that allows anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your tax return online for free. It’s described as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows you to recieve 1% cashback on all your purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of different courses on different topics such as saving, investing, crypto, real estate and more.
Each of the listed features, along with Wealthsimple Trade may be accessed on the app or from the website with a single login.
But How do I Start Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive registration bonus to our readers you’ll receive the cash value of a random share worth up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions Related to Wealthsimple Quicken?
If this review still hasn’t answered each of your questions, and you’re still searching for more specific answers relating to Wealthsimple Trade Dividend Reinvestment, go to the Wealthsimple site to find answers to every one of your questions.