What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, securities and crypto trading app that sets itself apart from the competition by charging no fees.
A online financial services company launched in Autumn of twenty fourteen originally as a robo advisor automated trading platform named Wealthsimple Invest, it has evolved substantially over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors trade both single stocks and ETFs without paying any commissions. The exception to this is when trading securities that are listed in USD. In this case, they charge a currency conversion fee when buying and selling. However, gone are the days of having to pay more than $7 per each trade with digital discount brokerages as was the norm just a few years ago.
Exactly How Much Cash Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1k-$5000. This makes it impossible for the typical investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-registered account types. You may choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is offered on both Apple and Android. The app makes the enrollment process and trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). They have been operating for more than 7 years and currently employs roughly 600 Canadians. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to deposit to your account. Simply connect to a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to a chequing or savings accounts through the same steps.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-Transfers that allow you to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your tax return online for free. It’s advertised as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to earn 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of different courses on different topics such as saving, investing, crypto, real estate and much more.
Each of the listed products, along with Wealthsimple Trade can be accessed inside the mobile app and on their website with one login.
How do I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special signup bonus offer for our audience you’ll get the equivalent cash value of a random share worth up to $4,500 CAD once you deposit to your account.
What if I Still Have Questions Related to Alternatives To Wealthsimple?
If this review still hasn’t given you the answers to each of your questions, and you’re searching for more specific facts relating to Alternatives To Wealthsimple, visit the Wealthsimple site for answers to all your questions.