What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stocks plus crypto trading web app that distinguishes itself from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in the Fall 2014 originally as a robo-advisor automated trading app called Wealthsimple Invest, it has grown considerably over the last eight years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and ETFs without paying fees. The exception to this is when you’re trading securities that are displayed in US Dollars. In which case, they will charge a small 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 expected a couple years past.
Exactly How Much in Funds do I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large initial deposit amounts of $1,000-5k. This makes it impossible for the everyday investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered accounts. One are free to choose between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is available on both Apple and Android. The smartphone app makes the registration process and also trading of stocks and ETFs simple.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD in Assets Under Management . This company has been expanding for more than 7 years and now employs more than 600 people. The controlling shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage to operate in Canada.
How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add money to an account. Simply connect a chequing or savings account to your Trade account, then add money to your account in simply a few clicks. Deposits from your bank to Wealthsimple usually take only a few days. Funds can just as easily be withdrawn your chequing or savings account by the same method.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow you to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file 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 account that allows you to recieve 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a variety of different online courses on topics like saving, investing, crypto, mortgages and more.
All of the above features, along with Wealthsimple Trade may be accessed inside the app or on their site with your Wealthsimple login.
But How Should I Start Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the cash value of a random Canadian stock valued at up to $4,500 CAD as soon as you make an initial deposit to your account.
But What if I Still Have Questions Related to Wealthsimple Trade Hours?
If this blog post didn’t answered each of your questions, and you’re still browsing for further answers about Wealthsimple Trade Hours, go to the Wealthsimple website for answers to each your questions.