What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading platform that differentiates itself from its competitors by charging no fees.
A Toronto, Ontario based fintech company founded in the Autumn twenty fourteen originally as a robo advisor automated trading platform called Wealthsimple Invest, it has grown substantially over the previous eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and ETFs without needing to pay commissions. The exception to this is when you’re trading ETFs and stocks which are listed in USD. In which case, they charge a currency conversion fee when buying and selling. However, behind us are the days 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 to Start on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large min deposit amounts of $1000-$5,000. This makes it impossible for the common new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered account types. You can select between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on Apple and Android. The smartphone app makes the signup steps and trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Legit?
. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). they’ve been expanding for more than 7 years and currently employs more than 600 people. The majority owner is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to deposit to a new account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple normally take only a few days. Funds can just as easily be moved back to your chequing or savings account by the exact same method.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-transfers that allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your tax return online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows one to get 1% cashback on your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of online courses on topics like saving, investments, crypto, mortgages and more.
Each of the mentioned products, along with Wealthsimple Trade can be accessed inside the app and at their site with a single login.
But How do I Begin Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special registration bonus offer to our audience you’ll receive the cash value of a share worth $25 up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions Related to My Wealthsimple Trade?
If this article didn’t answered each of your questions, and you’re still looking for more specific answers relating to My Wealthsimple Trade, check out the Wealthsimple website to find answers to all your questions.