What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stock and crypto trading app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based online financial services company launched in Autumn of twenty fourteen originally as a robo-advisor automated trading app named Wealthsimple Invest, it has improved substantially over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers to trade both individual stocks and also ETFs without having to pay any fees. The exception is when you’re trading securities that are displayed in USD. In which case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the days of paying $7-12 for each trade with discount brokerages as was the norm a few years past.
How Much Cash do I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they allow investors to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has registered and non-registered accounts. You may choose between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is offered to download on both iOS and also Google Play. The app makes the registration phase and the trading of stocks and ETFs very painless.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and now employs about 600 folks. The controlling shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to add funds to a new account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in just a few clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can just as easily be withdrawn a chequing or savings account with the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-transfers which allows you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online for free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which lets one to get 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different online courses on saving, investing, crypto, home buying and much more.
All of the listed products, along with Wealthsimple Trade can be found in the mobile app and on the website with one login.
But How do I Start Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you will receive the equivalent cash value of a random share worth up to $4,500 CAD as soon as you fund your account.
So What if I Still Have Questions Concerning Wealthsimple 2020 Tax?
If this review still hasn’t answered all of your questions, and you’re searching for further answers about Wealthsimple Trade Sign Up Bonus, visit the Wealthsimple site to get answers to all your questions.