What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks and crypto trading web app that differentiates itself from similar apps by charging no fees.
A Toronto, Ontario based fintech company launched in the Autumn of 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has grown considerably over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and also ETFs without paying any fees. The exception is when you’re trading stocks which are displayed in USD currency. In which case, they charge a currency conversion fee both when buying and selling. However, behind us are the times of having to pay $7-12 per trade with online discount brokerages as was the case only a few years past.
Exactly How Much Cash do I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large initial deposit amounts of $1,000-5K. This makes it impossible for the normal investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available registered and non-CRA-registered accounts. You are free to choose both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on Apple and Google Play. The mobile app makes the signup steps and also the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and currently employs more than 600 folks. The main shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to your account. Simply connect to a chequing or savings account with your Trade account, and then add money to your account in only a few clicks. Deposits from your bank to Wealthsimple usually take a few days. Funds can also be moved to your chequing or savings account by using the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your tax return online for free. It’s pitched to be simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that lets one to get 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of different courses on saving, investments, crypto, home buying and more.
All of the mentioned products, along with Wealthsimple Trade may be found inside the mobile app and on their site with one login.
How Can I Begin With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will receive the equivalent cash value of a random share valued at $25 up to $4,500 CAD once you fund your account.
What if I Still Have Questions Concerning Wealthsimple Trackid=sp-006?
If this article still hasn’t given you the answers to each of your questions, and you’re looking for additional specific information relating to Wealthsimple Trade Vs Questrade Reddit, check out the Wealthsimple site for answers to every one of your questions.