What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading platform that distinguishes itself from the competition by charging no fees.
A online financial services company launched in Autumn 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has improved significantly over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors trade both individual stocks and ETFs without needing to pay fees. The exception is when trading ETFs and stocks that are displayed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay more than $7 per each trade with digital discount brokerages as was the norm just a couple years past.
Exactly How Much Cash Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large minimum deposit amounts of 1K-5K. This makes it hard for the typical investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One may select both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both IOS and Android. The app makes the signup process and also trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Legit?
. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). These folks have been operating for more than 7 years and also now employs more than 600 folks. The majority owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add money to a new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in simply a couple of clicks. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can also be withdrawn your chequing or savings account through the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-transfers that allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your tax return online for free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which lets you to recieve 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of online courses on topics like saving, investments, crypto, home buying and more.
Every one of the mentioned features, along with Wealthsimple Trade may be accessed on the mobile app or on the site with one login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you will get the equivalent cash value of a Canadian stock worth up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions Concerning 2020 Wealthsimple Tax?
If this review hasn’t answered all of your questions, and you’re looking for further information relating to Wealthsimple Trade Spousal Rrsp, check out the Wealthsimple website to get answers to all your questions.