What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading web app that distinguishes itself from similar apps by charging no fees.
A fintech company founded in Fall of 2014 originally as a robo-advisor automated trading platform named Wealthsimple Invest, it has grown considerably over the previous eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian investors to trade stand alone stocks and also ETFs without needing to pay any commissions. The exception is when trading stocks which are denominated in US Dollars. In this case, they charge a nominal currency conversion fee when buying and selling. But, gone are the days of having to pay more than $7 for each trade with online discount brokerages as was expected just a couple years ago.
Exactly How Much in Funds do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable min deposit amounts of 1K-5K. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on both IOS and Android. The smartphone app makes the enrollment phase and also the trading of stocks and ETFs super easy.
Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and also right now employs more than 600 Canadians. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add money to your account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can the same way can be moved back to your chequing or savings account with the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-transfers which allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and file your tax return online for free. It’s advertised as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account which allows you to recieve 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of online courses on different topics such as saving, investing, crypto, real estate and much more.
All of the listed features, along with Wealthsimple Trade may be found within the mobile app or from their site with a single login.
But How do I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus to our readers you’ll get the equivalent cash value of a stock valued at $25 up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Ontario Tax Calculator?
If this review still hasn’t answered all of your questions, and you’re browsing for additional info relating to Wealthsimple Ontario Tax Calculator, check out the Wealthsimple site for answers to each your questions.