What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading platform that distinguishes itself from other apps by charging absolutely no fees.
A online financial services company launched in the Autumn twenty fourteen originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has improved considerably over the previous 8 years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without paying any commissions. The exception to this is when trading securities that are displayed in USD currency. In this case, they will charge a small currency conversion fee both when buying and selling. However, gone are the times of paying more than $7 for each trade with online discount brokerages as was expected just a few years ago.
How Much in Funds Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have quite large minimum deposit amounts of $1,000-$5000. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered account types. You are free to select both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on Apple and Google Play. The smartphone app makes the signup process and the trading of stocks and ETFs super painless.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple has over 15 billion Canadian in Assets Under Management . They have been operating for more than 7 years and at this time employs over 600 Canadians. The main shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
But How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to deposit to your new account. Just connect a chequing or savings account with your Trade account, then fund your account in simply a few steps. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can just as easily be moved back to your chequing or savings account with the exact same steps.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online for free. It’s advertised as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which allows one to get 1% cashback on your everyday spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a variety of different online courses on saving, investing, crypto, real estate and more.
Each of the mentioned products, along with Wealthsimple Trade can be accessed inside the mobile app and on the website with your Wealthsimple login.
How do I Begin Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the equivalent cash value of a share valued at up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions About Can I Transfer From Personal To Tfsa Wealthsimple Trade?
If this blog post hasn’t given you the answers to each of your questions, and you’re still looking for additional info about Can I Transfer From Personal To Tfsa Wealthsimple Trade, visit the Wealthsimple website for answers to each your questions.