What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks plus crypto trading app that sets itself apart from other apps by charging no fees.
A leading Canadian fintech business launched in the Fall of 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has changed considerably over the last eight years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and ETFs without needing to pay any fees. The exception is when trading securities which are denominated in USD. In which case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of paying more than $7 per trade with digital discount brokerages as was the norm only a few years past.
How Much in Funds Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of $1000-5K. This makes it impossible for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade offers both registered and non-registered accounts. You are free to choose both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on both iOS and Google Play. The smartphone app makes the registration phase and also the trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and at this time employs roughly 600 folks. The majority owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add money to an account. Just connect the app to a chequing or savings account with your Trade account, and add money to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can also be moved to a chequing or savings accounts through the same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-transfers that allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and submit your tax return online free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets one to get 1% cashback on your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a variety of different online courses on saving, investments, crypto, home buying and more.
Each of the listed features, including Wealthsimple Trade can be accessed in the mobile app or from the site with your Wealthsimple login.
How Can I Start With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special registration bonus offer for our audience you will get 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 Ufile Vs Wealthsimple Tax?
If this blog post didn’t answered all of your questions, and you’re still searching for more info about Wealthsimple Trade Interest Rate, go to the Wealthsimple website to find answers to every one of your questions.