What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in Autumn twenty fourteen originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has grown substantially over the previous eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows investors trade single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading ETFs and stocks which are denominated in US Dollars. In that case, they do charge a currency conversion fee when buying and selling. However, behind us are the times of having to pay $7-12 per trade with digital discount brokerages as was the norm just a few years ago.
Exactly How Much Cash do I Need to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of 1k-5k. This makes it hard for the normal investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered account types. One may choose between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app available to download on both Apple and Google Play. The mobile app makes the registration steps and the trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). This company has been in business for more than 7 years and now employs roughly 600 Canadians. The majority owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to deposit to your account. Just connect a chequing or savings account to your Trade account, and then add funds to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take only a few days. Funds can also be withdrawn your chequing or savings account using the same process.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers which allows you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online for free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account which allows you to recieve 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of different courses on different topics such as saving, investments, crypto, mortgages and more.
Every one of the above products, including Wealthsimple Trade can be accessed inside the app and on their website with a single login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For a special signup bonus to our readers you will get the cash value of a Canadian stock valued at $25 up to $4,500 Canadian once you fund your account.
But What if I Still Have Additional Questions Related to Vanguard Vs Wealthsimple?
If this blog post still hasn’t answered each of your questions, and you’re browsing for more info about Vanguard Vs Wealthsimple, check out the Wealthsimple site for answers to all your questions.