What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading platform that differentiates itself from similar apps by charging no fees.
A fintech business launched in the Fall twenty fourteen exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has evolved considerably over the past 8 years to include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers to trade both stand alone stocks and also ETFs without having to pay any commissions. The exception is when you’re trading securities that are denominated in US Dollars. In this case, they do charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 per trade with online discount brokerages as was the norm a few years past.
Exactly How Much Cash Will I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large minimum deposit amounts of 1k-$5000. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered accounts. You can choose between both RRSP and TFSA accounts in the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app offered on IOS and also Google Play. The app makes the enrollment phase and also the trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Legit?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and at this time employs over 600 people. The primary shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to add funds to a new account. Simply connect to a chequing or savings account with your Trade account, and then fund your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can also be moved to your chequing or savings accounts through the same steps.
What Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-Transfers that allow anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax year and file your tax return online free. It’s pitched to be simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which lets one to recieve 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of online courses on saving, investing, crypto, mortgages and much more.
Each of the above products, including Wealthsimple Trade can be accessed in the app and at the website with a single login.
But How Should I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special signup bonus for our readers you will receive the equivalent cash value of a Canadian stock valued at up to $4,500 CAD when you make an initial deposit to your account.
So What if I Still Have Questions About Xpev Wealthsimple?
If this review didn’t answered all of your questions, and you’re browsing for further information relating to Xpev Wealthsimple, go to the Wealthsimple website for answers to every one of your questions.