What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stocks plus crypto trading web app that sets itself apart from other apps by charging no fees.
A fintech business founded in Fall of twenty fourteen exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown considerably over the previous 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers to trade both individual stocks and ETFs without having to pay any fees. The exception is when you’re trading stocks and ETFs which are displayed in USD. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, past us are the times of paying more than $7 per trade with online discount brokerages as was normal just a few years ago.
Exactly How Much Money do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and brokerages have large min deposit amounts of 1k-5k. This makes it difficult for the normal investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered account types. You may choose between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on Apple and Android. The app makes the signup process and trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Secure?
. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). These folks have been expanding for more than 7 years and at this time employs about 600 people. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to fund a new account. Just connect to a chequing or savings account to your Trade account, and then add funds to your account in only a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can also be moved to your chequing or savings account by the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to e-Transfers that allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your taxes online for free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that allows one to recieve 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of different courses on topics like saving, investments, crypto, home buying and more.
All of the mentioned products, including Wealthsimple Trade can be accessed inside the mobile app or on the site with one login.
So How Should I Begin With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus for our audience you will receive the cash value of a share worth up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Additional Questions About Wealthsimple Day Trading?
If this review hasn’t answered all of your questions, and you’re still searching for more facts relating to Wealthsimple Day Trading, check out the Wealthsimple website to get answers to every one of your questions.