What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading web app that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based online financial services business founded in Autumn of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has improved considerably over the last 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade individual stocks and also ETFs without paying any fees. The exception is when you’re trading ETFs and stocks which are listed in USD currency. In this case, they charge a small currency conversion fee when buying and selling. But, behind us are the days of having to pay Upwards of $7 per trade with online discount brokerages as was the case a few years ago.
How Much Money Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large min deposit amounts of 1k-5K. This makes it difficult for the typical new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available on IOS and also Android. The mobile app makes the registration steps and trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). They have been doing business for more than 7 years and currently employs about 600 Canadians. The primary owner is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take just a few days. Funds can also be withdrawn your chequing or savings accounts using the exact same process.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers that allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online for free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows one to get 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of online courses on saving, investing, crypto, mortgages and much more.
Each of the listed products, including Wealthsimple Trade may be accessed in the mobile app or at the site with a single login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus for our audience you’ll get the cash value of a share worth $25 up to $4,500 CAD as soon as you add funds to your account.
What if I Still Have Additional Questions About Td Easy Trade Vs Wealthsimple?
If this article hasn’t given you the answers to all of your questions, and you’re searching for more specific information relating to Td Easy Trade Vs Wealthsimple, check out the Wealthsimple website for answers to each your questions.