What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading app that distinguishes itself from similar apps by charging no fees.
A fintech business launched in the Autumn 2014 originally as a robo-advisor automated trading app called Wealthsimple Invest, it has evolved substantially over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers trade both individual stocks and also ETFs without having to pay any fees. The exception is when you’re trading stocks and ETFs which are denominated in US Dollars. In that case, they do charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of having to pay $7-12 per trade with online discount brokerages as was common just a couple years ago.
How Much Cash do I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of $1000-$5,000. This makes it difficult for the normal investor to start. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has available registered and non-registered accounts. One are able to select both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered on both Apple and also Android. The smartphone app makes the enrollment steps and trading of stocks and ETFs simple.
So Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been operating for more than 7 years and employs over 600 people. The main owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to fund a new account. Just connect a chequing or savings account to your Trade account, and then fund your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can just as easily be withdrawn your chequing or savings accounts by the same method.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers that allows one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and file your tax return online free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to get 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different courses on different topics such as saving, investments, crypto, home buying and more.
All of the mentioned products, including Wealthsimple Trade can be found within the mobile app or at their site with one login.
But How do I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD as soon as you fund your account.
So What if I Still Have Questions Related to Wealthsimple Koho?
If this review hasn’t answered all of your questions, and you’re still browsing for further info relating to Wealthsimple Koho, visit the Wealthsimple website to get answers to all your questions.