What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities plus crypto trading web app that distinguishes itself from other apps by charging no fees.
A online financial services company founded in Fall 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has evolved significantly over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading stocks and ETFs that are denominated in USD. In that case, they will charge a small currency conversion fee both when buying and selling. However, past us are the days of paying $7-12 per each trade with digital discount brokerages as was expected only a few years ago.
Exactly How Much Money Will I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of $1000-5k. This makes it impossible for the everyday investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered account types. You may choose between both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app offered on both IOS and also Google Play. The smartphone app makes the signup steps and also the trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . They have been doing business for more than 7 years and also employs more than 600 people. The main shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add money to your account. Simply connect to a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take just a few days. Funds can also be withdrawn a chequing or savings account with the same steps.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-Transfers which allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and submit your tax return online free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows you to earn 1% cashback on your spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of online courses on different topics such as saving, investments, crypto, mortgages and much more.
Every one of the above features, including Wealthsimple Trade can be found in the mobile app and at their site with your Wealthsimple login.
So How Should I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For a special signup bonus to our audience you will receive the equivalent cash value of a random stock valued at up to $4,500 CAD once you deposit to your account.
But What if I Still Have Questions Concerning 1 Cent Stocks On Wealthsimple?
If this blog post hasn’t given you the answers to all of your questions, and you’re looking for more information relating to 1 Cent Stocks On Wealthsimple, check out the Wealthsimple website to find answers to every one of your questions.