What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stock plus crypto trading app that sets itself apart from similar apps by charging no fees.
A leading Canadian online financial services company launched in the Fall of twenty fourteen originally as a robo advisor trading app named Wealthsimple Invest, it has grown significantly over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors trade both individual stocks and ETFs without paying any fees. The exception is when you’re trading ETFs and stocks that are displayed in US Dollars. In that case, they charge a currency conversion fee both when buying and selling. But, past us are the times of paying more than $7 for each trade with discount brokerages as was the norm just a couple years ago.
How Much Money Will I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of only $1. Many alternative banks and brokerages have large minimum deposit amounts of $1000-$5,000. This makes it impossible for the everyday investor to start. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has both registered and non-registered account types. You can choose both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on both iOS and Android. The mobile app makes the enrollment steps and trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . This company has been operating for more than 7 years and employs more than 600 folks. The main shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund your new account. Just connect a chequing or savings account with your Trade account, and then fund your account in just a couple of steps. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can also be withdrawn your chequing or savings account through the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac e-Transfers that allows one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online for free. It’s advertised to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different online courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the listed products, along with Wealthsimple Trade can be accessed on the app or on the site with a single login.
How do I Begin Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For an exclusive registration bonus offer for our audience you will receive the equivalent cash value of a random share worth $25 up to $4,500 CAD when you deposit to your account.
So What if I Still Have Questions Related to Wealthsimple Trade For Beginners?
If this article didn’t answered each of your questions, and you’re still searching for more information about Wealthsimple Trade For Beginners, visit the Wealthsimple site for answers to each your questions.