What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading platform that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based fintech business launched in Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved significantly over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and also ETFs without needing to pay commissions. The exception is when you’re trading stocks that are denominated in USD currency. In that 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 case just a couple years past.
How Much Money Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large minimum deposit amounts of 1k-$5000. This makes it difficult for the typical new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered account types. You can choose between both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available on both iOS and also Google Play. The mobile app makes the signup steps and the trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also at this time employs over 600 people. The main shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to add money to your account. Just connect to a chequing or savings account with your Trade account, and fund your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can just as easily be moved to a chequing or savings accounts by using the exact same method.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-transfers that allows you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your tax return online for free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets you to get 1% cashback on your everyday purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different online courses on different topics such as saving, investments, crypto, home buying and more.
Every one of the listed features, along with Wealthsimple Trade may be accessed within the app and at the site with a single login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you’ll get the equivalent cash value of a random Canadian stock worth $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Related to Personal Vs Tfsa Wealthsimple?
If this review hasn’t given you the answers to each of your questions, and you’re still looking for more specific answers relating to Wealthsimple Trade Zcash, check out the Wealthsimple site for answers to all your questions.