What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading app that differentiates itself from its competitors by charging absolutely no fees.
A fintech business launched in Autumn of 2014 originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has changed significantly over the previous 8 years to include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade both individual stocks and also ETFs without needing to pay commissions. The exception is when trading ETFs and stocks that are displayed in US Dollars. In this case, they will charge a small currency conversion fee both when buying and selling. However, gone are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was the norm just a couple years past.
Exactly How Much in Funds do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large initial deposit amounts of 1K-$5000. This makes it hard for the every day investor to start. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has both registered and non-registered accounts. You may choose between both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app available to download on both iOS and Android. The smartphone app makes the signup phase and also the trading of stocks and ETFs truly a breeze.
So Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and now employs more than 600 people. The main shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add money to your account. Just connect the app to a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can the same way can be withdrawn your chequing or savings accounts by the exact same process.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your taxes online free. It’s advertised as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that allows one to earn 1% cashback on all your spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a ton of online courses on topics like saving, investments, crypto, home buying and more.
Each of the listed features, including Wealthsimple Trade can be found within the app or on the website with a single login.
How do I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will get the cash value of a share worth $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Risk Level 8?
If this blog post hasn’t answered all of your questions, and you’re searching for more specific answers about Wealthsimple Trade Wiki, go to the Wealthsimple website for answers to every one of your questions.