What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading web app that sets itself apart from the competition by charging no fees.
A Toronto, Ontario based fintech company founded in Fall 2014 originally as a robo-advisor automated trading app called Wealthsimple Invest, it has improved significantly over the last eight years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows consumers trade both individual stocks and also ETFs without having to pay fees. The exception to this is when trading ETFs and stocks that are displayed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with online discount brokerages as was normal a couple years past.
How Much Cash do I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable initial deposit amounts of 1K-5k. This makes it difficult for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. You can choose between both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is offered on both Apple and also Android. The smartphone app makes the registration phase and trading of stocks and ETFs very painless.
So Is Wealthsimple Trade Legit?
. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and at this time employs about 600 people. The majority shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to an account. Just connect to a chequing or savings account to your Trade account, then fund your account in only a couple of clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can the same way can be moved to a chequing or savings accounts through the same steps.
What Other Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers which allow anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and file your tax return online free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which lets one to get 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a variety of online courses on saving, investing, crypto, mortgages and much more.
Every one of the listed products, along with Wealthsimple Trade can be found inside the mobile app or from their site with your Wealthsimple login.
How Can I Get Started With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As an exclusive registration bonus to our readers you will get the cash value of a share worth $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple New York?
If this article still hasn’t given you the answers to all of your questions, and you’re looking for further specific facts about Wealthsimple New York, visit the Wealthsimple site to find answers to every one of your questions.