What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading web app that sets itself apart from similar apps by charging no fees.
A online financial services company launched in the Fall of twenty fourteen originally as a robo advisor automated trading app called Wealthsimple Invest, it has evolved significantly over the last 8 years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without having to pay fees. The exception to this is when you’re trading securities that are listed in USD. In this case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of paying $7-12 for each trade with discount brokerages as was expected only a couple years ago.
How Much in Funds do I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large min deposit amounts of $1,000-$5,000. This makes it difficult for the common investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has both registered and non-CRA-registered account types. You are free to choose both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on both IOS and Google Play. The smartphone app makes the registration phase and also the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . These folks have been doing business for more than 7 years and now employs about 600 people. The majority shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to add funds to an account. Simply connect a chequing or savings account to your Trade account, and fund your account in just a few steps. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can the same way can be moved back to your chequing or savings accounts using the exact same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-Transfers that allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax year and file your tax return online free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account that lets you to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a ton of different online courses on saving, investments, crypto, mortgages and more.
Every one of the mentioned products, along with Wealthsimple Trade may be accessed on the app or at the website with one login.
So How Should I Start With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As an exclusive registration bonus for our audience you will receive the cash value of a share valued at $25 up to $4,500 Canadian once you make an initial deposit to your account.
What if I Still Have Questions Related to Can\’t Withdraw From Wealthsimple?
If this article didn’t answered each of your questions, and you’re searching for more answers relating to Can\’t Withdraw From Wealthsimple, check out the Wealthsimple site to find answers to all your questions.