What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities plus crypto trading platform that distinguishes itself from its competitors by charging no fees.
A leading Canadian online financial services business launched in Autumn of twenty fourteen exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has improved considerably over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets consumers trade both stand alone stocks and ETFs without paying commissions. The exception to this is when you’re trading ETFs and stocks that are denominated in USD. In which case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the days of paying $7-12 per trade with digital discount brokerages as was expected just a few years past.
Exactly How Much in Funds do I Need to Start on Wealthsimple Trade?
Wealthsimple is cool such that they allow investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5,000. This makes it difficult for the every day 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 RRSP Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app available on both Apple and Google Play. The smartphone app makes the enrollment process and trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and also right now employs about 600 folks. The controlling owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to your account. Simply connect a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved back to a chequing or savings account with the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allows one to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online for free. It’s described to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows you to earn 1% cashback on all your spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a ton of online courses on saving, investing, crypto, home buying and more.
Every one of the above features, along with Wealthsimple Trade may be accessed inside the mobile app or from the website with one login.
But How Can I Begin With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus for our audience you’ll receive the cash value of a Canadian stock worth up to $4,500 CAD when you make an initial deposit to your account.
What if I Still Have Additional Questions Related to Wealthsimple Help?
If this blog post hasn’t given you the answers to all of your questions, and you’re browsing for more information relating to Wealthsimple Help, check out the Wealthsimple website for answers to all your questions.