What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities and crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A leading Canadian online financial services company launched in Autumn of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading stocks that are displayed in USD. In which case, they do charge a small currency conversion fee both when buying and selling. But, past us are the days of paying $7-12 per trade with discount brokerages as was expected only a couple years past.
How Much Money do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it tough for the normal new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One can select between both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app available to download on IOS and also Google Play. The mobile app makes the registration steps and also trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and employs more than 600 Canadians. The majority shareholder is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage operating in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to deposit to an account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take a few days. Funds can the same way can be moved back to your chequing or savings account with the same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-Transfers that allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which lets you to get 1% cashback on all your spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of different courses on saving, investments, crypto, real estate and much more.
Each of the above products, including Wealthsimple Trade may be found on the app or from the site with your Wealthsimple login.
How Can I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus to our audience you will receive the equivalent cash value of a random Canadian stock valued at up to $4,500 Canadian once you fund your account.
What if I Still Have Questions About Wealthsimple Savings Account?
If this review hasn’t answered all of your questions, and you’re searching for more specific facts relating to Wealthsimple Trade Faq, check out the Wealthsimple website for answers to every one of your questions.