What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A fintech business founded in the Fall 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown significantly over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers trade individual stocks and ETFs without needing to pay any fees. The exception to this is when you’re trading securities that are displayed in US Dollars. In which case, they do charge a small currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 for each trade with digital discount brokerages as was common just a couple years ago.
Exactly How Much Cash Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it tough for the typical investor to start. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has available registered and non-registered accounts. One can select both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on IOS and Android. The mobile app makes the enrollment phase and trading of stocks and ETFs very painless.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD of Assets Under Management . They have been doing business for more than 7 years and also currently employs over 600 folks. The majority owner is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to add funds to your new account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take only a few days. Funds can also be withdrawn your chequing or savings accounts with the same process.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers that allow one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and file your taxes online free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows you to recieve 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of different online courses on different topics such as saving, investments, crypto, mortgages and more.
All of the mentioned features, including Wealthsimple Trade can be found on the app and on the website with your Wealthsimple login.
But How Should I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special signup bonus to our audience you’ll get the equivalent cash value of a stock valued at $25 up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions About Wealthsimple Magazine?
If this article still hasn’t given you the answers to each of your questions, and you’re still browsing for further information about Wealthsimple Trade Yield, check out the Wealthsimple website for answers to every one of your questions.