What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company launched in the Fall of twenty fourteen exclusively as a robo advisor trading app called Wealthsimple Invest, it has grown considerably over the past 8 years to also include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors to trade individual stocks and ETFs without having to pay commissions. The exception is when you’re trading securities which are denominated in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 for each trade with discount brokerages as was expected a few years ago.
How Much Cash do I Need to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large minimum deposit amounts of 1K-$5,000. This makes it difficult for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered account types. You can select both RRSP and TFSA account types during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available to download on IOS and Android. The smartphone app makes the enrollment steps and trading of stocks and ETFs incredibly a breeze.
Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). they’ve been in business for more than 7 years and at this time employs over 600 people. The majority shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to fund your new account. Just connect a chequing or savings account with your Trade account, then fund your account in only a couple of steps. Deposits from banks to Wealthsimple normally take a couple of days. Funds can also be withdrawn a chequing or savings account through the same steps.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to e-Transfers that allows one to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and file your taxes online for free. It’s advertised as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to recieve 1% cashback on all your everyday purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a variety of different courses on different topics such as saving, investments, crypto, real estate and much more.
Each of the above products, along with Wealthsimple Trade may be found in the mobile app or at their website with your Wealthsimple login.
So How do I Begin With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special signup bonus for our readers you will receive the cash value of a Canadian stock valued at up to $4,500 Canadian as soon as you make an initial deposit to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Risk Level 7?
If this article hasn’t given you the answers to all of your questions, and you’re still looking for further answers about Wealthsimple Risk Level 7, go to the Wealthsimple site to find answers to every one of your questions.