What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, securities and crypto trading platform that differentiates itself from similar apps by charging no fees.
A online financial services company launched in the Fall of twenty fourteen exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has improved considerably over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without needing to pay fees. The exception is when you’re trading stocks which are listed in USD currency. In which case, they do charge a nominal currency conversion fee when buying and selling. However, gone are the times of having to pay more than $7 per each trade with discount brokerages as was common a couple years past.
How Much Money Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large initial deposit amounts of $1000-5k. This makes it impossible for the common new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You are able to choose between both RRSP and TFSA accounts in the setup phase.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on IOS and also Google Play. The mobile app makes the enrollment steps and trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and also currently employs over 600 folks. The main shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to a new account. Just connect to a chequing or savings account with your Trade account, then fund your account in just a couple of steps. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can also be withdrawn a chequing or savings accounts with the exact same steps.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to E-transfers which allows you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your taxes online free. It’s pitched as simple, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that allows one to earn 1% cashback on your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a variety of courses on different topics such as saving, investing, crypto, real estate and much more.
Each of the mentioned products, along with Wealthsimple Trade may be accessed within the mobile app and on their website with your Wealthsimple login.
So How Can I Start With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special signup bonus to our audience you’ll receive the equivalent cash value of a stock valued at up to $4,500 Canadian as soon as you deposit to your account.
What if I Still Have Questions About Wealthsimple 1 Cash Back?
If this article hasn’t answered all of your questions, and you’re looking for additional information relating to Wealthsimple 1 Cash Back, go to the Wealthsimple site to get answers to each your questions.