What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks and crypto trading platform that differentiates itself from its competitors by charging absolutely no fees.
A leading Canadian online financial services company launched in Fall of 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has improved significantly over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers trade both single stocks and ETFs without having to pay commissions. The exception is when trading ETFs and stocks which are listed in US Dollars. In that case, they do charge a currency conversion fee when buying and selling. But, gone are the times of paying Upwards of $7 per each trade with online discount brokerages as was normal a few years ago.
Exactly How Much Cash do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large minimum deposit amounts of 1K-5K. This makes it hard for the typical investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You are able to choose between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app available on both iOS and also Android. The mobile app makes the enrollment phase and the trading of stocks and ETFs easy.
So Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . they’ve been operating for more than 7 years and also right now employs roughly 600 people. The majority shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.
So How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to an account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in only a few steps. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can also be moved back to a chequing or savings account through the same process.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-Transfers which allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and submit your tax return online for free. It’s advertised as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings product which lets you to get 1% cashback on all your purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of courses on topics like saving, investing, crypto, home buying and much more.
All of the listed products, including Wealthsimple Trade may be accessed inside the mobile app and on their website with a single login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian as soon as you add funds to your account.
So What if I Still Have Questions Related to Wealthsimple Trade Faq?
If this article didn’t given you the answers to each of your questions, and you’re still browsing for additional specific facts relating to Wealthsimple Trade Faq, check out the Wealthsimple website to find answers to all your questions.