Virtual Wealth Vs Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based Financial, securities plus crypto trading app that differentiates itself from similar apps by charging absolutely no fees.

A online financial services company launched in Fall twenty fourteen exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has grown considerably over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors to trade both stand alone stocks and ETFs without paying commissions. The exception is when trading ETFs and stocks which are displayed in USD currency. In this case, they charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of paying more than $7 per trade with digital discount brokerages as was the case only a couple years past.

Exactly How Much Money Will I Need to Have in Order to Start on Wealthsimple Trade?

Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have large minimum deposit amounts of $1,000-5K. This makes it tough for the every day investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA accounts in the setup wizard.

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app available to download on both IOS and also Google Play. The smartphone app makes the enrollment process and also trading of stocks and ETFs simple.

But Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management . These folks have been expanding for more than 7 years and right now employs about 600 people. The primary owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage to operate in Canada.

How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly straight forward to fund an account. Just connect a chequing or savings account with your Trade account, then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can also be withdrawn a chequing or savings accounts with the same steps.

Which Additional Features and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow you to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your taxes online free. It’s pitched as simple, accurate and always totally free tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account which allows one to recieve 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of different courses on different topics such as saving, investing, crypto, mortgages and more.

Every one of the above products, along with Wealthsimple Trade can be found inside the mobile app and on the website with a single login.

So How do I Start Using Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. As a special registration bonus to our readers you will receive the cash value of a Canadian stock valued at up to $4,500 CAD when you fund your account.

What if I Still Have Additional Questions About Virtual Wealth Vs Wealthsimple?

If this blog post hasn’t answered all of your questions, and you’re still searching for more facts about Virtual Wealth Vs Wealthsimple, check out the Wealthsimple website to get answers to every one of your questions.