What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading app that distinguishes itself from the competition by charging no fees.
A online financial services business founded in the Fall 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved significantly over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade individual stocks and ETFs without having to pay commissions. The exception is when trading ETFs and stocks that are displayed in USD currency. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of having to pay $7-12 per each trade with digital discount brokerages as was common a few years past.
How Much in Funds do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and brokerages have quite large min deposit amounts of 1k-5K. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade offers CRA registered and non-registered accounts. One are free to choose both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available on Apple and also Android. The app makes the registration phase and the trading of stocks and ETFs truly a breeze.
Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management . they’ve been operating for more than 7 years and at this time employs about 600 folks. The controlling shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to fund an account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved to your chequing or savings account by using the exact same method.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-Transfers which allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax year and file your tax return online for free. It’s described to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that allows you to recieve 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of online courses on saving, investments, crypto, mortgages and more.
All of the above products, including Wealthsimple Trade can be accessed inside the mobile app or at the website with your Wealthsimple login.
So How do I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus for our audience you will receive the cash value of a random Canadian stock worth up to $4,500 CAD once you deposit to your account.
What if I Still Have Additional Questions Concerning Moka Vs Wealthsimple?
If this review still hasn’t given you the answers to each of your questions, and you’re still searching for more answers relating to Moka Vs Wealthsimple, go to the Wealthsimple site for answers to all your questions.