What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks and crypto trading web app that sets itself apart from similar apps by charging no fees.
A fintech business launched in the Fall 2014 exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has grown considerably over the last eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors trade individual stocks and also ETFs without needing to pay fees. The exception is when trading stocks and ETFs that are listed in US Dollars. In which case, they charge a small currency conversion fee both when buying and selling. But, behind us are the times of having to pay $7-12 per trade with discount brokerages as was the case a few years past.
How Much in Funds do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of 1K-$5,000. This makes it hard for the typical investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has registered and non-CRA-registered account types. You are free to select both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered on both Apple and Google Play. The mobile app makes the enrollment phase and trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). they’ve been doing business for more than 7 years and also at this time employs about 600 Canadians. The majority shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to fund a new account. Simply connect to a chequing or savings account with your Trade account, and then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can also be withdrawn your chequing or savings account using the exact same method.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac e-transfers that allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online for free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets one to get 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a ton of online courses on saving, investing, crypto, home buying and much more.
Every one of the mentioned features, including Wealthsimple Trade can be accessed inside the app or at the website with a single login.
So How Can I Start With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll get the cash value of a Canadian stock worth $25 up to $4,500 Canadian once you make an initial deposit to your account.
But What if I Still Have Additional Questions About Resp Wealthsimple?
If this article hasn’t answered all of your questions, and you’re still looking for more specific info relating to Resp Wealthsimple, go to the Wealthsimple website to get answers to each your questions.