What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock plus crypto trading web app that sets itself apart from its competitors by charging no fees.
A fintech business launched in the Autumn 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has improved substantially over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade stand alone stocks and also ETFs without paying fees. The exception to this is when you’re trading stocks that are listed in USD. In which case, they do charge a small currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 per trade with digital discount brokerages as was normal only a couple years past.
How Much Money do I Need to Start With Wealthsimple Trade?
Wealthsimple is cool such that they allow investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large minimum deposit amounts of $1000-5K. This makes it hard for the every day investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-registered accounts. You are free to choose both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is available on both IOS and also Android. The smartphone app makes the registration phase and the trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . This company has been operating for more than 7 years and also employs over 600 people. The main owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to deposit to your new account. Simply connect a chequing or savings account with your Trade account, and add money to your account in simply a few steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can the same way can be withdrawn a chequing or savings accounts by the exact same method.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-transfers that allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and file your tax return online for free. It’s pitched to be simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows one to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of courses on topics like saving, investing, crypto, mortgages and more.
Each of the above features, along with Wealthsimple Trade may be accessed within the mobile app and at the site with your Wealthsimple login.
But How Can I Begin With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For an exclusive signup bonus to our readers you will get the equivalent cash value of a random share valued at $25 up to $4,500 CAD once you fund your account.
But What if I Still Have Additional Questions Related to Wealthsimple Raises?
If this review didn’t answered each of your questions, and you’re still looking for more specific facts about Wealthsimple Raises, check out the Wealthsimple site for answers to each your questions.