What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stocks and crypto trading platform that differentiates itself from its competitors by charging no fees.
A fintech business founded in Autumn of 2014 originally as a robo advisor trading platform named Wealthsimple Invest, it has improved substantially over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors trade both stand alone stocks and also ETFs without having to pay any commissions. The exception is when you’re trading stocks and ETFs which are displayed in US Dollars. In which case, they will charge a nominal currency conversion fee when buying and selling. However, past us are the times of having to pay $7-12 per each trade with discount brokerages as was common only a couple years ago.
How Much Money Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have large minimum deposit amounts of 1k-5K. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered accounts. You are free to choose between both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on iOS and also Google Play. The mobile app makes the registration steps and trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Safe?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . These folks have been expanding for more than 7 years and currently employs more than 600 folks. The primary owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite simple to add funds to your new account. Simply connect to a chequing or savings account with your Trade account, then fund your account in only a few steps. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn a chequing or savings account by the same method.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-transfers that allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online free. It’s pitched as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows one to earn 1% cashback on all your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of different courses on saving, investments, crypto, real estate and much more.
Every one of the mentioned products, along with Wealthsimple Trade may be accessed within the app or at their website with one login.
So How Should I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll receive the cash value of a Canadian stock valued at up to $4,500 CAD when you add funds to your account.
What if I Still Have Additional Questions Concerning Wealthsimple 860 Richmond Street West?
If this blog post didn’t answered all of your questions, and you’re still looking for further specific information about Wealthsimple 860 Richmond Street West, go to the Wealthsimple website for answers to all your questions.