What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading platform that differentiates itself from other apps by charging absolutely no fees.
A fintech business launched in the Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved considerably over the past eight years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade individual stocks and ETFs without needing to pay fees. The exception to this is when you’re trading stocks that are denominated in US Dollars. In this case, they will charge a nominal currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per each trade with discount brokerages as was common only a couple years past.
Exactly How Much in Funds Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have sizeable min deposit amounts of $1000-5K. This makes it impossible for the every day investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has both registered and non-CRA-registered account types. You may choose between both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available on both iOS and Google Play. The smartphone app makes the registration phase and also trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and also right now employs over 600 people. The controlling owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to fund your new account. Just connect the app to a chequing or savings account to your Trade account, and fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can the same way can be moved to your chequing or savings account by using the exact same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to E-Transfers which allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your taxes online for free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to recieve 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of different online courses on topics like saving, investing, crypto, mortgages and much more.
Every one of the mentioned products, along with Wealthsimple Trade may be accessed within the mobile app and from their site with a single login.
But How Should I Start Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive registration bonus offer to our audience you will get the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 Canadian once you add funds to your account.
What if I Still Have Questions Related to Best Way To Use Wealthsimple Trade?
If this article still hasn’t answered each of your questions, and you’re still browsing for additional specific answers relating to Best Way To Use Wealthsimple Trade, go to the Wealthsimple website to find answers to all your questions.