What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading web app that distinguishes itself from other apps by charging no fees.
A fintech business founded in the Autumn twenty fourteen exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has changed considerably over the last 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs which are displayed in USD currency. In which case, they will charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 per each trade with digital discount brokerages as was common only a few years ago.
How Much in Funds Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadians to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it difficult for the typical new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available to download on both iOS and Android. The mobile app makes the enrollment process and the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management . These folks have been operating for more than 7 years and employs over 600 people. The majority shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to fund your new account. Simply connect to a chequing or savings account with your Trade account, and then add money to your account in only a few steps. Deposits from banks to Wealthsimple normally take a couple of days. Funds can just as easily be moved back to your chequing or savings account through the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to E-Transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your tax return online free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows you to get 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of online courses on topics like saving, investing, crypto, real estate and more.
Every one of the mentioned products, including Wealthsimple Trade may be accessed on the app and from the website with your Wealthsimple login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll get the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD once you fund your account.
So What if I Still Have Additional Questions About 55$ Wealthsimple?
If this article didn’t answered all of your questions, and you’re searching for more specific info about 55$ Wealthsimple, go to the Wealthsimple site to find answers to every one of your questions.