What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading web app that distinguishes itself from other apps by charging absolutely no fees.
A fintech business launched in Fall of 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has improved substantially over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade single stocks and also ETFs without paying commissions. The exception to this is when you’re trading securities which are listed in USD. In this case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the times of paying $7-12 for each trade with discount brokerages as was expected only a couple years ago.
How Much Money Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special such that they allow investors to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable min deposit amounts of 1k-5K. This makes it tough for the everyday investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has available registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered to download on both Apple and Android. The mobile app makes the signup phase and trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). They have been expanding for more than 7 years and employs about 600 folks. The primary shareholder is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to add funds to a new account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can just as easily be moved back to your chequing or savings account with the exact same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers that allows anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your tax return online free. It’s pitched as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that lets one to recieve 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of different courses on topics like saving, investments, crypto, mortgages and more.
All of the listed features, including Wealthsimple Trade may be found inside the app and at the website with a single login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you’ll get the equivalent cash value of a Canadian stock worth up to $4,500 CAD when you deposit to your account.
But What if I Still Have Additional Questions Concerning Delete Wealthsimple Trade Account?
If this blog post hasn’t answered all of your questions, and you’re searching for additional facts about Delete Wealthsimple Trade Account, check out the Wealthsimple site to get answers to all your questions.