What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities and crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in the Fall 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the past 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and ETFs without having to pay commissions. The exception to this is when trading stocks and ETFs that are displayed in US Dollars. In this case, they will charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay Upwards of $7 for each trade with digital discount brokerages as was normal only a few years ago.
How Much in Funds Will I Need to Start on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have large min deposit amounts of 1k-$5,000. This makes it impossible for the common investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-registered accounts. One may select between both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both iOS and also Google Play. The mobile app makes the signup phase and the trading of stocks and ETFs super simple.
So Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion CAD of Assets Under Management . They have been doing business for more than 7 years and also now employs about 600 folks. The main owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to add funds to your new account. Simply connect a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple usually take a few days. Funds can the same way can be moved back to a chequing or savings accounts through the exact same method.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-Transfers which allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and file your taxes online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows one to recieve 1% cashback on your everyday spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of online courses on topics like saving, investments, crypto, mortgages and more.
Each of the listed features, including Wealthsimple Trade may be found on the mobile app or on their site with a single login.
How do I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus for our audience you’ll receive the cash value of a Canadian stock worth up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Additional Questions Concerning Wealthsimple Watchlist?
If this blog post hasn’t given you the answers to all of your questions, and you’re browsing for further information about Wealthsimple Trade Withdrawal Limit, visit the Wealthsimple website to get answers to each your questions.