What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading web app that differentiates itself from the competition by charging no fees.
A leading Canadian online financial services company founded in the Fall twenty fourteen exclusively as a robo advisor automated trading app named Wealthsimple Invest, it has changed considerably over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and ETFs without paying any commissions. The exception to this is when you’re trading ETFs and stocks that are denominated in US Dollars. In that case, they charge a nominal currency conversion fee both when buying and selling. But, past us are the times of paying Upwards of $7 per trade with online discount brokerages as was normal a couple years past.
How Much Money Will I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have sizeable initial deposit amounts of 1k-5K. This makes it difficult for the typical new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has registered and non-registered account types. You can choose both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app available to download on Apple and Android. The smartphone app makes the signup phase and also the trading of stocks and ETFs incredibly simple.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and also currently employs roughly 600 people. The primary owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to fund your account. Just connect the app to a chequing or savings account to your Trade account, and add money to your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can the same way can be moved back to your chequing or savings account through the same method.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-Transfers which allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your taxes online free. It’s described as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that allows you to get 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of different online courses on different topics such as saving, investing, crypto, mortgages and more.
Each of the listed products, including Wealthsimple Trade can be accessed in the app and at the site with your Wealthsimple login.
But How Should I Begin With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special registration bonus to our audience you’ll receive the cash value of a random share valued at up to $4,500 Canadian as soon as you fund your account.
But What if I Still Have Additional Questions Concerning Loopring Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re looking for additional specific answers relating to Loopring Wealthsimple, go to the Wealthsimple site to find answers to all your questions.