What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities plus crypto trading platform that distinguishes itself from similar apps by charging no fees.
A online financial services business founded in the Fall of 2014 originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the last eight years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers to trade single stocks and also ETFs without needing to pay any fees. The exception to this is when trading ETFs and stocks that are displayed in USD. In which case, they charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of paying more than $7 for each trade with online discount brokerages as was the norm a couple years past.
Exactly How Much in Funds do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large min deposit amounts of $1000-$5000. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has both registered and non-registered accounts. One are able to select both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is available to download on IOS and Google Play. The smartphone app makes the signup process and the trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). they’ve been doing business for more than 7 years and currently employs over 600 people. The controlling shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to add funds to your new account. Simply connect a chequing or savings account to your Trade account, and fund your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take just a few days. Funds can the same way can be withdrawn a chequing or savings accounts using the exact same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your tax return online for free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to get 1% cashback on your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a ton of courses on topics like saving, investments, crypto, home buying and more.
Every one of the above products, along with Wealthsimple Trade can be accessed in the app or at their website with one login.
So How Should I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special signup bonus offer for our readers you will receive the cash value of a stock valued at $25 up to $4,500 CAD when you deposit to your account.
But What if I Still Have Additional Questions About Wealthsimple Trade Rrsp?
If this article hasn’t given you the answers to each of your questions, and you’re browsing for more specific information about Wealthsimple Trade Rrsp, go to the Wealthsimple website for answers to all your questions.