What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock plus crypto trading web app that sets itself apart from its competitors by charging no fees.
A fintech company launched in the Fall 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved significantly over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and also ETFs without having to pay any fees. The exception is when trading securities which are listed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 per trade with discount brokerages as was expected just a few years ago.
Exactly How Much Money do I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is awesome such that they allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large min deposit amounts of 1K-5K. This makes it impossible for the typical investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One may choose between both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered to download on IOS and also Google Play. The mobile app makes the signup phase and trading of stocks and ETFs very easy.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and also now employs roughly 600 folks. The controlling shareholder is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to fund an account. Simply connect the app to a chequing or savings account with your Trade account, and then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be moved to your chequing or savings account by the exact same method.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-Transfers which allow you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax year and file your taxes online for free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that lets you to recieve 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of online courses on saving, investments, crypto, home buying and much more.
Every one of the above features, along with Wealthsimple Trade can be accessed on the mobile app or from the website with your Wealthsimple login.
But How do I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special signup bonus to our readers you will receive the equivalent cash value of a random stock valued at $25 up to $4,500 CAD when you fund your account.
So What if I Still Have Additional Questions About Wealthsimple Trade Insurance?
If this article still hasn’t answered each of your questions, and you’re still searching for more info about Wealthsimple Trade Insurance, go to the Wealthsimple website to get answers to each your questions.