What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock and crypto trading app that differentiates itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services company launched in Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved substantially over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade both single stocks and also ETFs without having to pay any fees. The exception is when you’re trading securities which are listed in USD. In this case, they will 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 case only a few years past.
Exactly How Much Cash Will I Need to Have in Order to Start With Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large initial deposit amounts of 1k-$5000. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade offers registered and non-registered accounts. You are free to choose between both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app available on both iOS and also Android. The smartphone app makes the enrollment phase and trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD of Assets Under Management . These folks have been doing business for more than 7 years and also right now employs over 600 folks. The controlling owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to fund an account. Just connect to a chequing or savings account to your Trade account, then fund your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can also be moved to your chequing or savings accounts through the exact same process.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-Transfers which allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online for free. It’s advertised as easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which lets one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a bunch of courses on saving, investing, crypto, real estate and much more.
Every one of the listed products, including Wealthsimple Trade can be accessed inside the app and at the website with a single login.
So How Can I Begin With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus to our audience you’ll receive the cash value of a random Canadian stock worth up to $4,500 Canadian as soon as you deposit to your account.
But What if I Still Have Additional Questions About Wealthsimple Trade Vs Robinhood?
If this article didn’t answered all of your questions, and you’re still looking for further specific facts about Wealthsimple Trade Vs Robinhood, visit the Wealthsimple website to find answers to all your questions.