What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock and crypto trading web app that sets itself apart from the competition by charging no fees.
A leading Canadian online financial services company launched in Fall twenty fourteen originally as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors trade both single stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks which are displayed in USD. In this case, they charge a currency conversion fee both when buying and selling. However, gone are the times of having to pay more than $7 per each trade with discount brokerages as was the case just a few years past.
How Much Cash Will I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable minimum deposit amounts of 1K-$5,000. This makes it impossible for the common new investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has registered and non-registered account types. One are able to choose both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered on IOS and also Google Play. The mobile app makes the signup steps and also the trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian of Assets Under Management (AUM). They have been expanding for more than 7 years and also at this time employs about 600 Canadians. The main owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to deposit to an account. Just connect to a chequing or savings account with your Trade account, and then fund your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can just as easily be moved to a chequing or savings accounts by the exact same steps.
What Other Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac e-transfers which allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your tax return online for free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to recieve 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of courses on topics like saving, investments, crypto, home buying and much more.
Each of the mentioned products, along with Wealthsimple Trade can be accessed within the app and on the site with a single login.
But How Should I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special signup bonus offer for our audience you’ll receive the cash value of a stock worth $25 up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions Concerning Rbc Direct Investing Vs Wealthsimple Trade?
If this blog post still hasn’t given you the answers to each of your questions, and you’re searching for additional specific information about Rbc Direct Investing Vs Wealthsimple Trade, check out the Wealthsimple website for answers to every one of your questions.