What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities plus crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in Autumn 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has improved substantially over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without paying fees. The exception to this is when you’re trading ETFs and stocks which are displayed in USD currency. In this case, they do charge a currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with digital discount brokerages as was the norm just a couple years ago.
Exactly How Much in Funds do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. Many alternative banks and brokerages have large initial deposit amounts of 1k-5K. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers registered and non-CRA-registered accounts. One may choose both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is available to download on iOS and Google Play. The mobile app makes the signup process and the trading of stocks and ETFs super simple.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian in Assets Under Management . These folks have been expanding for more than 7 years and also now employs about 600 folks. The primary owner is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add money to a new account. Simply connect a chequing or savings account with your Trade account, then add money to your account in just a few clicks. Deposits from your bank to Wealthsimple normally take just a few days. Funds can also be moved back to your chequing or savings account by using the exact same steps.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-Transfers that allows anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your tax return online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows you to get 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of different courses on different topics such as saving, investments, crypto, real estate and much more.
Each of the mentioned features, along with Wealthsimple Trade can be accessed on the app or on their website with one login.
So How Can I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special registration bonus offer to our readers you will receive the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Additional Questions Related to Wealthsimple 100 000?
If this article still hasn’t answered all of your questions, and you’re still looking for further specific facts about Wealthsimple Trade Vs Questrade For Us Stocks, visit the Wealthsimple site to get answers to each your questions.