What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading platform that differentiates itself from other apps by charging no fees.
A online financial services business launched in Fall of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has grown considerably over the previous eight years to include Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers to trade both single stocks and ETFs without having to pay fees. The exception to this is when trading stocks which are denominated in US Dollars. In this case, they charge a nominal currency conversion fee both when buying and selling. But, past us are the days of having to pay more than $7 per trade with discount brokerages as was expected only a few years past.
How Much in Funds do I Need in Order to Start on Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large minimum deposit amounts of $1000-5K. This makes it impossible for the everyday investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You may select between both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on both iOS and Google Play. The mobile app makes the registration phase and also the trading of stocks and ETFs very simple.
So Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and also at this time employs roughly 600 Canadians. The controlling owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add funds to an account. Just connect to a chequing or savings account to your Trade account, then add money to your account in just a few clicks. Deposits from banks to Wealthsimple typically take a few days. Funds can the same way can be moved to your chequing or savings account by using the exact same steps.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-transfers which allow anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your tax return online free. It’s pitched to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account which allows one to get 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on saving, investing, crypto, home buying and more.
All of the above features, along with Wealthsimple Trade can be found on the mobile app or on their website with your Wealthsimple login.
How Can I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special signup bonus for our audience you’ll get the equivalent cash value of a random share worth up to $4,500 Canadian as soon as you make an initial deposit to your account.
But What if I Still Have Questions About Coinbase Vs Wealthsimple?
If this blog post hasn’t given you the answers to all of your questions, and you’re browsing for additional information relating to Coinbase Vs Wealthsimple, visit the Wealthsimple website to get answers to each your questions.