What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stocks plus crypto trading web app that differentiates itself from other apps by charging no fees.
A leading Canadian online financial services business launched in Autumn twenty fourteen exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved substantially over the past eight years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers to trade both stand alone stocks and ETFs without needing to pay commissions. The exception is when you’re trading stocks and ETFs that are listed in US Dollars. In which case, they do charge a small currency conversion fee when buying and selling. But, gone are the times of paying more than $7 per trade with online discount brokerages as was common just a few years ago.
How Much Cash Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable min deposit amounts of $1000-5K. This makes it difficult for the everyday investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers registered and non-registered account types. One are free to choose between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered to download on both iOS and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). they’ve been operating for more than 7 years and now employs over 600 Canadians. The main owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add money to an account. Simply connect a chequing or savings account with your Trade account, and then fund your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take just a few days. Funds can also be moved back to your chequing or savings account by using the same process.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and submit your taxes online for free. It’s advertised as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets you to earn 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of online courses on topics like saving, investments, crypto, mortgages and much more.
Each of the listed products, along with Wealthsimple Trade can be accessed inside the mobile app or on the website with your Wealthsimple login.
How do I Start Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. For a special signup bonus to our readers you will receive the equivalent cash value of a stock worth $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Related to Wealthsimple Cash Review Reddit?
If this review didn’t given you the answers to all of your questions, and you’re still looking for more specific answers relating to Wealthsimple Cash Review Reddit, check out the Wealthsimple site for answers to each your questions.