What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock plus crypto trading web app that sets itself apart from its competitors by charging no fees.
A online financial services business founded in the Fall 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved substantially over the previous eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers trade single stocks and ETFs without paying fees. The exception to this is when trading stocks which are denominated in USD. In that case, they do charge a small currency conversion fee when buying and selling. However, past us are the times of paying Upwards of $7 per each trade with discount brokerages as was normal only a few years past.
Exactly How Much in Funds do I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large minimum deposit amounts of 1k-5K. This makes it hard for the everyday new 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 Offer TFSA Accounts?
They do. Wealthsimple Trade offers both registered and non-registered accounts. One are free to select between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app available to download on both IOS and Google Play. The smartphone app makes the registration phase and trading of stocks and ETFs very a breeze.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). They have been doing business for more than 7 years and also at this time employs more than 600 Canadians. The controlling owner is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to add money to an account. Simply connect to a chequing or savings account to your Trade account, and then add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn your chequing or savings account by the exact same method.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to E-transfers that allows you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and file your tax return online for free. It’s described as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets one to recieve 1% cashback on all your everyday spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of online courses on saving, investments, crypto, real estate and much more.
All of the mentioned features, along with Wealthsimple Trade can be found on the mobile app or from the site with one login.
But How Should I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special signup bonus to our readers you’ll get the equivalent cash value of a share valued at up to $4,500 Canadian as soon as you fund your account.
But What if I Still Have Questions Concerning Can You Lose Money With Wealthsimple?
If this article still hasn’t given you the answers to all of your questions, and you’re searching for more information about Can You Lose Money With Wealthsimple, go to the Wealthsimple site to find answers to all your questions.