What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading app that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in Fall of twenty fourteen originally as a robo advisor trading app named Wealthsimple Invest, it has grown significantly over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade both stand alone stocks and also ETFs without needing to pay commissions. The exception is when trading stocks which are listed in USD currency. In this case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 for each trade with online discount brokerages as was normal a few years past.
How Much Money do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and brokerages have large initial deposit amounts of $1000-5K. This makes it tough for the typical investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-registered accounts. You can choose both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app available to download on iOS and also Google Play. The smartphone app makes the enrollment phase and also the trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD in Assets Under Management . These folks have been in business for more than 7 years and right now employs more than 600 Canadians. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to add money to a new account. Just connect a chequing or savings account to your Trade account, and then add money to your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take a couple of days. Funds can also be moved back to a chequing or savings account through the exact same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-transfers that allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your taxes online for free. It’s described as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that allows you to get 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of online courses on different topics such as saving, investing, crypto, real estate and much more.
Every one of the listed products, along with Wealthsimple Trade may be found within the app or at their website with a single login.
How Should I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus offer to our audience you’ll get the equivalent cash value of a random stock worth up to $4,500 Canadian once you deposit to your account.
So What if I Still Have Questions Related to Wealthsimple Wallet?
If this review hasn’t given you the answers to each of your questions, and you’re searching for additional specific information relating to Wealthsimple Wallet, check out the Wealthsimple website for answers to each your questions.