Wealthsimple Trade Personal Vs Tfsa Reddit: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from the competition by charging no fees. 

A fintech business launched in the Fall 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has improved considerably over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets consumers to trade stand alone stocks and also ETFs without having to pay any commissions. The exception is when trading ETFs and stocks that are listed in USD. In which case, they will charge a currency conversion fee when buying and selling. However, gone are the times of having to pay $7-12 per trade with discount brokerages as was the norm just a couple years past.

Exactly How Much Cash Will I Need to Have to Begin Investing on Wealthsimple Trade?

Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable minimum deposit amounts of $1,000-5K. This makes it hard for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

Of course. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. One may select both RRSP and TFSA account types during the setup phase. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on IOS and also Android. The smartphone app makes the signup process and trading of stocks and ETFs super easy.

So Is Wealthsimple Trade Trustworthy?

Definitely. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and also currently employs roughly 600 people. The controlling owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.

How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very simple to fund your new account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in just a few steps. Deposits from banks to Wealthsimple typically take a few days. Funds can the same way can be withdrawn a chequing or savings accounts through the same process.

What Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An alternative to Interac E-transfers which allows anyone to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for this tax season and submit your taxes online for free. It’s advertised to be simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination prepaid visa and savings account which allows one to get 1% cashback on your spending, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of courses on topics like saving, investing, crypto, real estate and more. 

Each of the mentioned features, along with Wealthsimple Trade may be accessed within the mobile app or on the site with your Wealthsimple login.

So How Can I Get Started Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special registration bonus to our readers you’ll get the cash value of a Canadian stock worth $25 up to $4,500 Canadian once you fund your account.

So What if I Still Have Questions Related to Can You Lose Money With Wealthsimple?

If this blog post still hasn’t given you the answers to each of your questions, and you’re searching for additional facts about Wealthsimple Trade Personal Vs Tfsa Reddit, go to the Wealthsimple site to get answers to every one of your questions.