What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock plus crypto trading app that distinguishes itself from its competitors by charging absolutely no fees.
A leading Canadian fintech company launched in Autumn of twenty fourteen originally as a robo-advisor automated trading app called Wealthsimple Invest, it has improved significantly over the last 8 years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers trade single stocks and ETFs without paying fees. The exception to this is when trading stocks and ETFs which are listed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 per trade with online discount brokerages as was normal just a couple years past.
How Much Cash Will I Need to Start With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it impossible for the normal 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 offers both CRA registered and non-CRA-registered account types. You may choose both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available to download on iOS and also Android. The app makes the enrollment steps and trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). they’ve been expanding for more than 7 years and also right now employs roughly 600 Canadians. The majority shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to deposit to your account. Simply connect the app to a chequing or savings account with your Trade account, and fund your account in just a couple of steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can also be moved back to your chequing or savings account by using the exact same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-Transfers that allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and file your taxes online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which lets one to get 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of online courses on different topics such as saving, investing, crypto, home buying and much more.
Each of the above products, along with Wealthsimple Trade can be found inside the mobile app or on the website with a single login.
How do I Start With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus for our readers you will get the cash value of a share worth $25 up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Additional Questions About Wealthsimple 80/20?
If this review hasn’t answered each of your questions, and you’re still searching for more answers relating to Wealthsimple 80/20, check out the Wealthsimple website for answers to each your questions.