What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading app that differentiates itself from other apps by charging no fees.
A Toronto, Ontario based online financial services company launched in Fall twenty fourteen exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has changed considerably over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors to trade both single stocks and ETFs without needing to pay fees. The exception to this is when you’re trading stocks and ETFs which are displayed in USD. In this case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of paying $7-12 for each trade with digital discount brokerages as was the norm just a couple years past.
Exactly How Much Money do I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable minimum deposit amounts of $1,000-$5000. This makes it impossible for the normal investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You are able to choose between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered on iOS and also Android. The app makes the registration steps and also trading of stocks and ETFs super painless.
Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). they’ve been in business for more than 7 years and currently employs about 600 people. The majority owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to add money to your new account. Just connect the app to a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can the same way can be moved to your chequing or savings account by the exact same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers which allows anyone to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your tax return online for free. It’s pitched to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that lets one to recieve 1% cashback on all your spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of online courses on different topics such as saving, investments, crypto, home buying and more.
Every one of the listed products, along with Wealthsimple Trade can be found within the mobile app and at their site with one login.
So How Can I Begin Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. For a special registration bonus offer to our audience you’ll receive the cash value of a random stock valued at $25 up to $4,500 Canadian once you add funds to your account.
What if I Still Have Questions Concerning Wealthsimple Trade Inactivity Fee?
If this review didn’t answered each of your questions, and you’re still looking for more information about Wealthsimple Trade Inactivity Fee, go to the Wealthsimple site to find answers to all your questions.