What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in the Fall twenty fourteen exclusively as a robo-advisor trading app called Wealthsimple Invest, it has changed significantly over the last 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors to trade individual stocks and also ETFs without paying any fees. The exception to this is when you’re trading securities that are listed in US Dollars. In this case, they do charge a nominal currency conversion fee when buying and selling. However, behind us are the days of having to pay more than $7 per trade with online discount brokerages as was normal only a few years ago.
Exactly How Much Cash Will I Need to Have in Order to Get Started 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 discount brokerages have sizeable min deposit amounts of $1,000-5k. This makes it impossible for the everyday new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered accounts. One are free to select both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app offered to download on Apple and Android. The app makes the signup process and also trading of stocks and ETFs super painless.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and also at this time employs about 600 Canadians. The controlling shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to your new account. Simply connect a chequing or savings account to your Trade account, and then fund your account in only a few clicks. Deposits from your bank to Wealthsimple normally take only a few days. Funds can just as easily be moved to your chequing or savings accounts with the exact same method.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers which allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your taxes online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to recieve 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a variety of courses on topics like saving, investments, crypto, home buying and much more.
Each of the listed features, including Wealthsimple Trade can be accessed on the app or on the website with your Wealthsimple login.
So How do I Start Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special signup bonus offer to our audience you will receive the cash value of a random stock worth $25 up to $4,500 CAD once you fund your account.
But What if I Still Have Questions Concerning Can You Trade Options On Wealthsimple?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still browsing for more specific information about Can You Trade Options On Wealthsimple, go to the Wealthsimple site to get answers to every one of your questions.