What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stocks plus crypto trading web app that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in the Autumn 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has improved significantly over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade single stocks and also ETFs without having to pay any fees. The exception is when trading stocks that are displayed in USD currency. In that case, they will charge a currency conversion fee when buying and selling. However, past us are the days of paying Upwards of $7 for each trade with digital discount brokerages as was expected just a few years past.
Exactly How Much Money Will I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable min deposit amounts of $1000-$5000. This makes it difficult for the normal investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. You can choose both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered on IOS and Android. The app makes the enrollment process and trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). They have been expanding for more than 7 years and currently employs over 600 Canadians. The primary shareholder is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add funds to your account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple usually take a few days. Funds can just as easily be withdrawn your chequing or savings accounts by using the same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allow you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your tax return online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets you to get 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of different courses on saving, investments, crypto, home buying and much more.
Every one of the listed products, including Wealthsimple Trade may be accessed inside the mobile app and on the website with one login.
How Can I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive registration bonus for our audience you will receive the equivalent cash value of a share worth up to $4,500 Canadian as soon as you make an initial deposit to your account.
What if I Still Have Additional Questions About Is Wealthsimple Trade Insured?
If this article still hasn’t given you the answers to all of your questions, and you’re still browsing for additional answers relating to Is Wealthsimple Trade Insured, visit the Wealthsimple website for answers to each your questions.