What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading web app that differentiates itself from the competition by charging no fees.
A fintech business founded in Autumn of 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has evolved substantially over the past 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade single stocks and ETFs without needing to pay any fees. The exception is when you’re trading stocks and ETFs which are listed in US Dollars. In that case, they do charge a small currency conversion fee when buying and selling. But, gone are the days of paying Upwards of $7 per each trade with digital discount brokerages as was common only a few years ago.
Exactly How Much Cash Will I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large initial deposit amounts of $1000-5k. This makes it impossible for the normal new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered accounts. One are free to select between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered on iOS and Google Play. The smartphone app makes the registration steps and also the trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management (AUM). They have been operating for more than 7 years and currently employs over 600 folks. The majority shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage operating in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to deposit to an account. Simply connect a chequing or savings account to your Trade account, and fund your account in just a couple of clicks. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can the same way can be withdrawn a chequing or savings accounts through the exact same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac e-Transfers that allow one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and submit your taxes online free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which lets you to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a bunch of different online courses on saving, investing, crypto, home buying and much more.
All of the mentioned products, along with Wealthsimple Trade can be accessed in the app or from the site with your Wealthsimple login.
So How Should I Begin Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For a special registration bonus for our readers you’ll get 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 Concerning Wealthsimple Masterclass Review?
If this review didn’t given you the answers to each of your questions, and you’re still browsing for additional specific info about Wealthsimple Masterclass Review, check out the Wealthsimple website to find answers to each your questions.