What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A leading Canadian fintech business launched in Fall of 2014 exclusively as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has improved significantly over the past eight years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade stand alone stocks and ETFs without needing to pay commissions. The exception is when you’re trading securities which are listed in USD. In that case, they will charge a currency conversion fee both when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with digital discount brokerages as was the case just a few years ago.
Exactly How Much Money Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is awesome such that they allow new customers to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of $1,000-5K. This makes it tough for the normal new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-registered account types. One may select between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app available on iOS and also Google Play. The mobile app makes the registration phase and the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). This company has been doing business for more than 7 years and also employs about 600 Canadians. The primary owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to add funds to an account. Just connect the app to a chequing or savings account to your Trade account, and then fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can also be moved to your chequing or savings accounts by using the exact same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-Transfers that allows you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and file your tax return online free. It’s pitched to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to recieve 1% cashback on all your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of different courses on different topics such as saving, investing, crypto, home buying and much more.
All of the above products, including Wealthsimple Trade may be accessed on the app or on their website with a single login.
How Can I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive registration bonus to our audience you’ll get the cash value of a stock valued at up to $4,500 CAD once you deposit to your account.
But What if I Still Have Questions About Reddit Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re searching for more info relating to Wealthsimple Trade Explained, visit the Wealthsimple website for answers to every one of your questions.