What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, securities and crypto trading app that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in Autumn 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown significantly over the last eight years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers to trade individual stocks and ETFs without having to pay any fees. The exception is when you’re trading ETFs and stocks that are listed in US Dollars. In which case, they will charge a nominal currency conversion fee when buying and selling. But, past us are the days of having to pay $7-12 for each trade with digital discount brokerages as was common a few years ago.
Exactly How Much Money do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow investors to make a minimum deposit of just $1. Many alternative banks and brokerages have quite large minimum deposit amounts of 1K-5k. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-registered account types. You may choose between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app available to download on both Apple and also Google Play. The mobile app makes the registration phase and also trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Legit?
. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). These folks have been doing business for more than 7 years and also right now employs about 600 folks. The primary owner is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it easy to deposit to your new account. Just connect the app to a chequing or savings account with your Trade account, then add money to your account in just a couple of clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can just as easily be withdrawn your chequing or savings accounts using the exact same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers that allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your tax return online free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets one to earn 1% cashback on your everyday purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a ton of courses on different topics such as saving, investing, crypto, real estate and much more.
Each of the above products, along with Wealthsimple Trade may be accessed in the app or at the website with one login.
But How Should I Begin With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special registration bonus offer to our audience you’ll get the equivalent cash value of a random share worth up to $4,500 Canadian when you make an initial deposit to your account.
But What if I Still Have Questions Related to Should I Use Wealthsimple Trade Or Invest?
If this blog post didn’t answered each of your questions, and you’re browsing for more specific information about Should I Use Wealthsimple Trade Or Invest, check out the Wealthsimple website to find answers to every one of your questions.