What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities and crypto trading platform that differentiates itself from similar apps by charging no fees.
A Toronto, Ontario based fintech company launched in the Autumn twenty fourteen exclusively as a robo advisor trading platform called Wealthsimple Invest, it has evolved substantially over the last eight years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks which are listed in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. But, gone are the days of paying Upwards of $7 per trade with digital discount brokerages as was normal only a few years past.
How Much Cash do I Need to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of $1,000-$5000. This makes it impossible for the normal 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 registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on both iOS and also Google Play. The app makes the signup steps and the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and now employs roughly 600 people. The controlling owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add money to an account. Just connect to a chequing or savings account with your Trade account, and add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can also be moved back to a chequing or savings accounts by the exact same process.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-Transfers which allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your taxes online for free. It’s described as simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that allows one to earn 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of courses on topics like saving, investments, crypto, home buying and much more.
Every one of the above products, along with Wealthsimple Trade may be accessed inside the app and from their website with your Wealthsimple login.
So How do I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the equivalent cash value of a stock worth $25 up to $4,500 Canadian once you add funds to your account.
What if I Still Have Questions Related to Questrade Vs Wealthsimple Trade Reddit?
If this article didn’t answered each of your questions, and you’re browsing for additional information relating to Questrade Vs Wealthsimple Trade Reddit, visit the Wealthsimple website to get answers to each your questions.