What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stocks plus crypto trading web app that sets itself apart from other apps by charging no fees.
A leading Canadian online financial services company founded in Fall of 2014 exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has evolved considerably over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets consumers trade both stand alone stocks and ETFs without having to pay any fees. The exception is when you’re trading ETFs and stocks that are listed in USD currency. In this case, they charge a currency conversion fee both when buying and selling. However, behind us are the times of paying more than $7 per each trade with discount brokerages as was the case a few years ago.
How Much in Funds Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it hard for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has CRA registered and non-registered account types. You can choose both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available on both iOS and also Android. The app makes the signup phase and also trading of stocks and ETFs super simple.
So Is Wealthsimple Trade Safe?
. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management . This company has been expanding for more than 7 years and also right now employs about 600 folks. The primary shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be moved back to your chequing or savings accounts by using the exact same steps.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac e-transfers which allow anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your taxes online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a bunch of courses on different topics such as saving, investing, crypto, mortgages and more.
Each of the above features, along with Wealthsimple Trade may be accessed in the app and from the website with a single login.
So How do I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus offer to our audience you will get the cash value of a Canadian stock valued at $25 up to $4,500 CAD when you fund your account.
What if I Still Have Additional Questions Related to How Much Does It Cost To Trade On Wealthsimple?
If this article still hasn’t given you the answers to all of your questions, and you’re still looking for more specific answers relating to How Much Does It Cost To Trade On Wealthsimple, check out the Wealthsimple site to get answers to every one of your questions.