What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from other apps by charging no fees.
A leading Canadian fintech company founded in Autumn twenty fourteen exclusively as a robo advisor trading app named Wealthsimple Invest, it has evolved substantially over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and ETFs without paying fees. The exception to this is when you’re trading stocks which are displayed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 per each trade with online discount brokerages as was normal only a few years ago.
How Much Money Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large initial deposit amounts of 1k-$5,000. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is available on Apple and Android. The smartphone app makes the enrollment phase and the trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and also now employs about 600 Canadians. The majority shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to deposit to your account. Just connect a chequing or savings account to your Trade account, then add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can the same way can be withdrawn a chequing or savings account through the same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and file your tax return online free. It’s pitched as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to earn 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a ton of courses on saving, investments, crypto, home buying and much more.
Each of the above features, along with Wealthsimple Trade may be found within the app and at their website with your Wealthsimple login.
How Should I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus for our audience you will receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you add funds to your account.
What if I Still Have Additional Questions Concerning Tax Calculator Wealthsimple?
If this review hasn’t given you the answers to all of your questions, and you’re looking for more specific info about Wealthsimple Trade Help, check out the Wealthsimple site for answers to all your questions.