What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading app that sets itself apart from its competitors by charging no fees.
A leading Canadian fintech company founded in Autumn of 2014 originally as a robo advisor trading app called Wealthsimple Invest, it has improved considerably over the previous eight years to include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers trade both stand alone stocks and ETFs without paying fees. The exception is when trading securities that are denominated in US Dollars. In which case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the times of paying Upwards of $7 for each trade with discount brokerages as was the case just a couple years past.
How Much in Funds Will I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have large min deposit amounts of $1,000-5k. This makes it impossible for the every day investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has available both CRA registered and non-registered account types. You may select between both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available on both iOS and also Android. The mobile app makes the registration steps and also the trading of stocks and ETFs super simple.
So Is Wealthsimple Trade Safe?
. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and also currently employs about 600 people. The main shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your account. Just connect to a chequing or savings account to your Trade account, then add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can also be withdrawn your chequing or savings accounts with the exact same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-transfers which allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and file your taxes online for free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets one to get 1% cashback on your purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a bunch of different courses on saving, investments, crypto, mortgages and more.
Every one of the listed features, along with Wealthsimple Trade may be accessed in the app or from their website with one login.
So How Can I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus for our audience you’ll receive the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Additional Questions About Is Wealthsimple Trade Tax Free?
If this article didn’t given you the answers to each of your questions, and you’re still looking for additional answers relating to Is Wealthsimple Trade Tax Free, check out the Wealthsimple website to find answers to all your questions.