What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading web app that distinguishes itself from other apps by charging no fees.
A leading Canadian online financial services company founded in the Fall of 2014 originally as a robo-advisor trading platform named Wealthsimple Invest, it has changed significantly over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade both stand alone stocks and ETFs without paying fees. The exception is when trading stocks and ETFs that are displayed in US Dollars. In that case, they charge a currency conversion fee both when buying and selling. However, past us are the days of paying more than $7 per each trade with discount brokerages as was expected just a couple years past.
Exactly How Much Cash do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large minimum deposit amounts of $1000-5k. This makes it hard for the everyday new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has CRA registered and non-registered account types. You are able to select between both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available on Apple and also Android. The app makes the enrollment steps and also the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD in Assets Under Management . They have been operating for more than 7 years and employs over 600 Canadians. The controlling shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to deposit to a new account. Just connect a chequing or savings account with your Trade account, then fund your account in only a few clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can just as easily be withdrawn a chequing or savings account with the exact same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac e-Transfers that allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and submit your taxes online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows one to recieve 1% cashback on all your purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of different online courses on topics like saving, investing, crypto, real estate and more.
Each of the listed products, including Wealthsimple Trade may be accessed within the mobile app and from their website with a single login.
But How Can I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the cash value of a random stock worth $25 up to $4,500 Canadian as soon as you fund your account.
So What if I Still Have Additional Questions Concerning Wealthsimple Review Desktop App?
If this blog post still hasn’t given you the answers to all of your questions, and you’re searching for further specific info relating to Wealthsimple Review Desktop App, check out the Wealthsimple site to get answers to all your questions.