What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading app that distinguishes itself from the competition by charging no fees.
A Toronto, Ontario based fintech company launched in Fall twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved substantially over the last eight years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and ETFs without having to pay commissions. The exception to this is when trading ETFs and stocks that are displayed in USD. In this case, they do charge a small currency conversion fee both when buying and selling. However, past us are the times of paying more than $7 per trade with online discount brokerages as was common a couple years ago.
How Much Money do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large min deposit amounts of $1,000-5k. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has registered and non-CRA-registered accounts. You may select both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app offered to download on Apple and Google Play. The mobile app makes the signup process and the trading of stocks and ETFs painless.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). This company has been in business for more than 7 years and also currently employs about 600 people. The majority shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage operating in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund a new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be moved to a chequing or savings account by using the exact same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-transfers which allows one to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and file your taxes online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which lets one to recieve 1% cashback on your purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of different courses on different topics such as saving, investments, crypto, home buying and more.
Every one of the above products, including Wealthsimple Trade may be found inside the app or from the site with your Wealthsimple login.
But How do I Begin With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special registration bonus offer for our audience you’ll receive the equivalent cash value of a Canadian stock valued at up to $4,500 CAD when you deposit to your account.
But What if I Still Have Additional Questions About Wealthsimple Portfolios?
If this article still hasn’t given you the answers to each of your questions, and you’re browsing for additional specific answers about Wealthsimple Vs Wealthsimple Trade Reddit, visit the Wealthsimple site for answers to each your questions.