What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in Autumn of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has changed significantly over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and ETFs without needing to pay commissions. The exception is when trading stocks that are denominated in US Dollars. In which case, they will charge a currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 per trade with online discount brokerages as was normal only a couple years ago.
How Much in Funds Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable initial deposit amounts of $1000-5K. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available registered and non-CRA-registered account types. You may choose both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on both Apple and Google Play. The app makes the enrollment phase and trading of stocks and ETFs truly a breeze.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). They have been doing business for more than 7 years and right now employs over 600 Canadians. The controlling shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add money to your account. Simply connect a chequing or savings account with your Trade account, and add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can also be moved back to a chequing or savings accounts through the exact same process.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-Transfers which allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your tax return online for free. It’s pitched to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows one to get 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on saving, investing, crypto, real estate and more.
Every one of the mentioned features, including Wealthsimple Trade may be accessed inside the mobile app or at their website with your Wealthsimple login.
How Can I Get Started With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As a special registration bonus for our audience you’ll receive the cash value of a random stock valued at $25 up to $4,500 CAD as soon as you deposit to your account.
But What if I Still Have Additional Questions Concerning Does Wealthsimple Have Fractional Shares?
If this article still hasn’t given you the answers to all of your questions, and you’re browsing for further information relating to Does Wealthsimple Have Fractional Shares, check out the Wealthsimple site for answers to every one of your questions.