What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading web app that sets itself apart from similar apps by charging no fees.
A leading Canadian fintech business founded in Autumn twenty fourteen exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has changed substantially over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and ETFs without having to pay any fees. The exception is when trading ETFs and stocks that are displayed in USD currency. In which case, they will charge a currency conversion fee when buying and selling. However, gone are the days of paying $7-12 per each trade with online discount brokerages as was normal a few years past.
How Much Money Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable min deposit amounts of 1k-$5,000. This makes it impossible for the normal investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has CRA registered and non-registered accounts. You may choose between both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on both IOS and also Android. The mobile app makes the registration process and also the trading of stocks and ETFs painless.
Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD in Assets Under Management . These folks have been operating for more than 7 years and at this time employs about 600 people. The controlling owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to add funds to your new account. Just connect the app to a chequing or savings account with your Trade account, and fund your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take just a few days. Funds can also be withdrawn your chequing or savings accounts by using the exact same steps.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac E-transfers which allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your tax return 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 lets you to earn 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of different online courses on saving, investing, crypto, home buying and much more.
Each of the mentioned products, including Wealthsimple Trade can be accessed on the mobile app and from the website with your Wealthsimple login.
But How Should I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the cash value of a random stock valued at $25 up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Additional Questions Related to Pros And Cons Of Wealthsimple?
If this review didn’t given you the answers to each of your questions, and you’re still browsing for more facts relating to Wealthsimple Trade Zim, check out the Wealthsimple site to get answers to all your questions.