What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks and crypto trading web app that differentiates itself from similar apps by charging no fees.
A leading Canadian online financial services company founded in Fall of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has improved considerably over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors to trade individual stocks and ETFs without paying any commissions. The exception to this is when you’re trading stocks that are listed in USD currency. In that case, they do charge a currency conversion fee when buying and selling. But, behind us are the times of paying $7-12 for each trade with digital discount brokerages as was the norm only a couple years past.
How Much in Funds Will I Need in Order to Start Investing With 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 sizeable minimum deposit amounts of $1000-$5000. This makes it tough for the typical new investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade has available both registered and non-registered accounts. One may select between both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on IOS and also Google Play. The smartphone app makes the registration steps and trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management . These folks have been operating for more than 7 years and also right now employs about 600 Canadians. The controlling owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to add money to your account. Just connect the app to a chequing or savings account with your Trade account, and fund your account in just a couple of clicks. Deposits from banks to Wealthsimple normally take a couple of days. Funds can also be withdrawn a chequing or savings account using the exact same process.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers which allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and file your taxes online for free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which lets you to recieve 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a variety of courses on topics like saving, investing, crypto, home buying and more.
Each of the mentioned features, along with Wealthsimple Trade may be found within the mobile app and on the site with one login.
So How do I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you will get the equivalent cash value of a stock valued at up to $4,500 CAD as soon as you add funds to your account.
But What if I Still Have Questions Related to Opening A Tfsa With Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re searching for more specific answers about Opening A Tfsa With Wealthsimple, go to the Wealthsimple site for answers to each your questions.