What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities and crypto trading platform that sets itself apart from the competition by charging no fees.
A Toronto, Ontario based online financial services company launched in Fall of twenty fourteen exclusively as a robo advisor trading app named Wealthsimple Invest, it has evolved substantially over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers to trade both stand alone stocks and ETFs without having to pay commissions. The exception is when you’re trading ETFs and stocks which are denominated in USD currency. In this case, they do charge a small currency conversion fee both when buying and selling. But, gone are the times of paying more than $7 per each trade with online discount brokerages as was the norm a few years ago.
How Much in Funds Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have sizeable min deposit amounts of 1K-5k. This makes it impossible for the every day new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has CRA registered and non-registered account types. You are able to select both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app offered on Apple and Android. The smartphone app makes the signup phase and trading of stocks and ETFs incredibly a breeze.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and now employs over 600 Canadians. The majority owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to deposit to a new account. Just connect to a chequing or savings account with your Trade account, and then fund your account in only a few clicks. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to a chequing or savings account with the exact same steps.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-Transfers which allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your taxes online for free. It’s advertised to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which lets you to earn 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of different online courses on saving, investments, crypto, mortgages and more.
All of the mentioned products, along with Wealthsimple Trade can be found within the mobile app or on the site with your Wealthsimple login.
So How Can I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus offer to our audience you will get the cash value of a stock worth up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions Related to Open Rrsp Wealthsimple?
If this blog post hasn’t answered all of your questions, and you’re browsing for further facts relating to Open Rrsp Wealthsimple, go to the Wealthsimple site for answers to every one of your questions.