What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities plus crypto trading platform that differentiates itself from similar apps by charging no fees.
A leading Canadian fintech company founded in Autumn 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved significantly over the last eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets investors to trade both single stocks and ETFs without paying any fees. The exception to this is when trading stocks and ETFs which are listed in USD currency. In this case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay more than $7 per each trade with online discount brokerages as was common just a couple years past.
How Much in Funds do I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is cool in that they will allow investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large minimum deposit amounts of $1000-5k. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has both registered and non-registered accounts. One may choose between both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both Apple and also Android. The app makes the signup phase and the trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . These folks have been expanding for more than 7 years and at this time employs roughly 600 Canadians. The controlling shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to fund an account. Simply connect the app to a chequing or savings account with your Trade account, then add funds to your account in only a few clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts by using the same steps.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-transfers that allow one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and submit your tax return online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets you to get 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the mentioned products, along with Wealthsimple Trade may be found on the app and at their site with one login.
But How Should I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the equivalent cash value of a Canadian stock valued at up to $4,500 Canadian when you make an initial deposit to your account.
So What if I Still Have Additional Questions Concerning Invest Wealthsimple?
If this review didn’t answered all of your questions, and you’re still looking for additional specific answers about Invest Wealthsimple, check out the Wealthsimple site to get answers to all your questions.