What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from similar apps by charging no fees.
A leading Canadian online financial services company launched in Fall twenty fourteen exclusively as a robo advisor automated trading platform named Wealthsimple Invest, it has changed significantly over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers trade both individual stocks and ETFs without having to pay fees. The exception to this is when you’re trading securities that are displayed in USD. In this case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay Upwards of $7 for each trade with discount brokerages as was common a couple years ago.
How Much Cash do I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of just $1. Many alternative banks and brokerages have quite large initial deposit amounts of $1000-5k. This makes it hard for the common new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-registered account types. One are able to choose both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on iOS and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and also at this time employs roughly 600 Canadians. The controlling owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to fund a new account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in just a few clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can the same way can be moved to a chequing or savings accounts by the exact same method.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac e-Transfers which allows anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your tax return online for free. It’s described as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows one to recieve 1% cashback on your purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of courses on topics like saving, investments, crypto, home buying and much more.
Each of the above features, including Wealthsimple Trade can be accessed within the app or at the website with your Wealthsimple login.
How Can I Get Started Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus for our audience you’ll get the cash value of a Canadian stock worth $25 up to $4,500 CAD once you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Canada?
If this review still hasn’t answered each of your questions, and you’re still looking for further specific answers about Wealthsimple Canada, go to the Wealthsimple website for answers to all your questions.