What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stocks plus crypto trading app that differentiates itself from other apps by charging no fees.
A leading Canadian fintech company founded in the Autumn of twenty fourteen originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has improved substantially over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers trade stand alone stocks and ETFs without needing to pay any commissions. The exception is when you’re trading stocks which are displayed in US Dollars. In that case, they charge a nominal currency conversion fee when buying and selling. But, gone are the times of having to pay Upwards of $7 for each trade with digital discount brokerages as was the case just a couple years past.
How Much Cash do I Need to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large min deposit amounts of 1k-5K. This makes it difficult 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 Have Registered Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One are free to choose between both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available on Apple and Google Play. The app makes the enrollment steps and also trading of stocks and ETFs truly a breeze.
Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . This company has been operating for more than 7 years and also currently employs over 600 folks. The primary shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly simple to add money to a new account. Just connect the app to a chequing or savings account with your Trade account, and fund your account in just a few steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can just as easily be withdrawn your chequing or savings account with the exact same method.
Which Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-transfers that allow you to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your tax return online for free. It’s described to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that lets you to recieve 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a ton of different courses on topics like saving, investing, crypto, home buying and more.
Every one of the listed features, including Wealthsimple Trade may be found in the app or from their site with your Wealthsimple login.
How Should I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus for our readers you will get the cash value of a random stock valued at $25 up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Questions Concerning Wealthsimple Vs Wealthsimple Trade?
If this blog post didn’t given you the answers to each of your questions, and you’re still browsing for additional info relating to Wealthsimple Vs Wealthsimple Trade, go to the Wealthsimple website to get answers to each your questions.