What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading web app that differentiates itself from the competition by charging no fees.
A leading Canadian fintech company launched in the Fall of 2014 originally as a robo-advisor automated trading app called Wealthsimple Invest, it has evolved substantially over the past 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade both single stocks and also ETFs without paying commissions. The exception to this is when trading stocks which are denominated in USD. In this case, they charge a small currency conversion fee both when buying and selling. But, past us are the days of having to pay $7-12 per each trade with online discount brokerages as was common just a couple years ago.
Exactly How Much Cash do I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large initial deposit amounts of 1k-$5000. This makes it difficult for the every day new investor to start investing. With Wealthsimple Trade, you don’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-CRA-registered account types. You are free to select between both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on Apple and Android. The mobile app makes the signup phase and trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). they’ve been expanding for more than 7 years and now employs over 600 Canadians. The main owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add funds to your account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can the same way can be moved to a chequing or savings accounts by using the same process.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-Transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and submit your tax return online free. It’s pitched as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to get 1% cashback on all your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on topics like saving, investments, crypto, home buying and more.
Each of the listed products, including Wealthsimple Trade can be accessed within the app or on their website with one login.
So How do I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus for our readers you will receive the equivalent cash value of a random Canadian stock worth up to $4,500 CAD when you add funds to your account.
What if I Still Have Questions Related to Wealthsimple Trade Best Stocks?
If this article didn’t given you the answers to all of your questions, and you’re still looking for more answers relating to Wealthsimple Trade Best Stocks, go to the Wealthsimple site for answers to every one of your questions.