What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading app that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in Autumn 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown considerably over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and ETFs without needing to pay any commissions. The exception is when you’re trading ETFs and stocks which are listed in USD currency. In this case, they will charge a small currency conversion fee when buying and selling. But, past us are the times of having to pay more than $7 for each trade with online discount brokerages as was the case just a couple years ago.
Exactly How Much in Funds do I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and brokerages have sizeable initial deposit amounts of $1,000-$5000. This makes it impossible for the normal new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are able to choose between both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on IOS and also Google Play. The app makes the signup process and the trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also right now employs roughly 600 folks. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to add money to your new account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in just a few steps. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can the same way can be withdrawn a chequing or savings account with the same method.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-transfers which allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your tax return online free. It’s advertised as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account that allows one to get 1% cashback on your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of courses on saving, investing, crypto, real estate and more.
Every one of the above products, along with Wealthsimple Trade can be accessed on the mobile app or from their site with your Wealthsimple login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll receive the cash value of a random stock valued at up to $4,500 CAD when you add funds to your account.
But What if I Still Have Additional Questions Related to Simple Tax Wealthsimple?
If this review didn’t answered all of your questions, and you’re still searching for additional information about Simple Tax Wealthsimple, visit the Wealthsimple site to get answers to every one of your questions.