What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A online financial services company launched in the Autumn of 2014 originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown considerably over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade both stand alone stocks and ETFs without paying any commissions. The exception to this is when trading securities that are listed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. However, past us are the days of paying Upwards of $7 for each trade with discount brokerages as was normal just a few years ago.
How Much Cash Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable min deposit amounts of 1k-$5000. This makes it difficult for the common investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered account types. You are able to choose both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available on Apple and Android. The smartphone app makes the signup steps and also trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management . They have been operating for more than 7 years and also currently employs about 600 people. The controlling shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to your new account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in only a few steps. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can just as easily be moved back to your chequing or savings accounts by using the same method.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-Transfers which allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and submit your taxes online for free. It’s described as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows one to get 1% cashback on your spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a variety of different online courses on topics like saving, investments, crypto, real estate and much more.
Each of the above features, along with Wealthsimple Trade may be accessed on the mobile app or at their website with a single login.
But How Should I Start With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special registration bonus offer for our readers you will get the equivalent cash value of a Canadian stock worth $25 up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Questions Concerning Best Stocks On Wealthsimple Trade?
If this review hasn’t given you the answers to each of your questions, and you’re searching for further specific information about Best Stocks On Wealthsimple Trade, check out the Wealthsimple website to find answers to every one of your questions.