What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stock plus crypto trading app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based fintech company founded in Fall twenty fourteen originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has changed substantially over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets investors trade both single stocks and ETFs without having to pay any commissions. The exception is when trading securities which are displayed in USD currency. In which case, they charge a currency conversion fee when buying and selling. But, gone are the times of paying $7-12 per trade with discount brokerages as was expected only a couple years past.
How Much Money Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of 1K-5k. This makes it difficult for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on both Apple and Android. The app makes the enrollment steps and also trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and also employs about 600 people. The majority shareholder is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to fund a new account. Just connect the app to a chequing or savings account to your Trade account, then fund your account in simply a few clicks. Deposits from your bank to Wealthsimple usually take a few days. Funds can also be withdrawn a chequing or savings accounts using the exact same process.
What Other Features and Products Are Available?
Wealthsimple Cash – This is alternative to e-Transfers which allow you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax year and submit your taxes online for free. It’s advertised to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a ton of different courses on saving, investments, crypto, mortgages and more.
Each of the listed features, along with Wealthsimple Trade can be accessed in the mobile app and at their website with one login.
How do I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus to our readers you will receive the equivalent cash value of a share worth $25 up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Questions About Wealthsimple Trade Pros And Cons?
If this review still hasn’t given you the answers to all of your questions, and you’re still looking for additional specific info relating to Wealthsimple Trade Pros And Cons, visit the Wealthsimple website for answers to every one of your questions.