What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stock plus crypto trading platform that distinguishes itself from other apps by charging no fees.
A Toronto, Ontario based fintech business founded in the Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and also ETFs without paying commissions. The exception to this is when trading stocks which are listed in USD currency. In which case, they do charge a currency conversion fee when buying and selling. However, behind us are the times of paying more than $7 per each trade with digital discount brokerages as was the norm just a couple years past.
Exactly How Much Money do I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of 1k-5k. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has CRA registered and non-registered account types. You can select both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered to download on both IOS and Android. The smartphone app makes the registration process and the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and also now employs over 600 folks. The majority shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to fund your account. Simply connect the app to a chequing or savings account to your Trade account, and then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can also be moved back to your chequing or savings accounts using the same steps.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac E-transfers which allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and file your tax return online free. It’s described to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to recieve 1% cashback on all your purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of different courses on different topics such as saving, investing, crypto, real estate and more.
All of the mentioned features, along with Wealthsimple Trade can be found in the mobile app or on their website with a single login.
How do I Get Started With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special signup bonus offer for our readers you will receive the cash value of a random share worth $25 up to $4,500 CAD once you fund your account.
So What if I Still Have Additional Questions About Wealthsimple News?
If this blog post hasn’t given you the answers to each of your questions, and you’re looking for more specific facts about Wealthsimple News, check out the Wealthsimple website to get answers to each your questions.