What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in the Autumn of 2014 originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has improved considerably over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading securities which are listed in US Dollars. In which case, they do charge a currency conversion fee both when buying and selling. But, behind us are the days of paying Upwards of $7 per each trade with digital discount brokerages as was the norm only a few years ago.
Exactly How Much Cash do I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large min deposit amounts of $1000-$5000. This makes it tough for the typical investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has both CRA registered and non-registered account types. One may choose both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both IOS and Google Play. The smartphone app makes the signup process and also trading of stocks and ETFs super simple.
So Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and also now employs roughly 600 folks. The primary owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add money to an account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from your bank to Wealthsimple usually take a few days. Funds can just as easily be withdrawn a chequing or savings account by using the exact same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-Transfers that allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your tax return online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account that allows you to recieve 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a variety of different courses on different topics such as saving, investments, crypto, real estate and more.
Each of the above products, including Wealthsimple Trade may be found within the app and at their site with your Wealthsimple login.
How do I Begin With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the equivalent cash value of a random stock valued at up to $4,500 Canadian as soon as you deposit to your account.
But What if I Still Have Questions Concerning Wealthsimple Wiki?
If this review still hasn’t answered all of your questions, and you’re searching for further specific answers about Wealthsimple Trade Link Bank Account, check out the Wealthsimple site to get answers to every one of your questions.