What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock and crypto trading platform that differentiates itself from its competitors by charging no fees.
A leading Canadian online financial services business launched in Fall twenty fourteen exclusively as a robo advisor automated trading app named Wealthsimple Invest, it has changed significantly over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade stand alone stocks and ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs that are displayed in USD currency. In that case, they do charge a nominal currency conversion fee when buying and selling. But, past us are the days of having to pay Upwards of $7 per trade with discount brokerages as was common only a few years ago.
How Much Money Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large initial deposit amounts of $1000-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-registered accounts. One can choose both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app available on both iOS and also Google Play. The app makes the enrollment phase and trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). they’ve been doing business for more than 7 years and also currently employs over 600 Canadians. The main shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add money to your account. Just connect the app to a chequing or savings account with your Trade account, then fund your account in just a couple of steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can also be moved to your chequing or savings accounts with the exact same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac e-Transfers which allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your taxes online for free. It’s pitched as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to earn 1% cashback on your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different courses on saving, investing, crypto, home buying and much more.
Every one of the listed products, along with Wealthsimple Trade can be accessed in the mobile app and from the site with a single login.
But How do I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For a special signup bonus offer to our readers you will get the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD as soon as you make an initial deposit to your account.
What if I Still Have Additional Questions About Owner Of Wealthsimple?
If this review hasn’t answered all of your questions, and you’re looking for further specific info about Wealthsimple Trade For Students, visit the Wealthsimple website to find answers to every one of your questions.