What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock and crypto trading app that differentiates itself from similar apps by charging no fees.
A fintech business launched in the Autumn twenty fourteen originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown considerably over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors to trade single stocks and ETFs without paying any commissions. The exception is when trading stocks and ETFs that are denominated in US Dollars. In this case, they charge a currency conversion fee when buying and selling. But, behind us are the times of having to pay more than $7 per each trade with online discount brokerages as was expected only a couple years past.
How Much in Funds do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large minimum deposit amounts of 1k-$5,000. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has registered and non-registered accounts. You can select both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered on Apple and also Android. The smartphone app makes the registration process and the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and also right now employs over 600 people. The main shareholder is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to deposit to your account. Just connect to a chequing or savings account to your Trade account, and add money to your account in simply a few steps. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can the same way can be withdrawn your chequing or savings account with the exact same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your taxes online for free. It’s advertised to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows you to recieve 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of different courses on topics like saving, investments, crypto, mortgages and much more.
All of the mentioned products, along with Wealthsimple Trade may be accessed inside the app and at their website with a single login.
How Can I Start With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For a special signup bonus offer to our readers you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian once you make an initial deposit to your account.
But What if I Still Have Questions Related to Understanding Wealthsimple Trade?
If this blog post didn’t given you the answers to each of your questions, and you’re looking for further specific answers about Wealthsimple Trade Ios, visit the Wealthsimple website to find answers to every one of your questions.