What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, stock plus crypto trading web app that sets itself apart from similar apps by charging absolutely no fees.
A online financial services company launched in Autumn of twenty fourteen exclusively as a robo advisor 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 Any Kind of Fees?
Wealthsimple Trade allows consumers to trade stand alone stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading stocks that are denominated in USD. In that case, they will charge a small currency conversion fee when buying and selling. However, past us are the times of paying Upwards of $7 for each trade with digital discount brokerages as was normal only a couple years past.
Exactly How Much Cash Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and brokerages have large min deposit amounts of $1,000-$5,000. This makes it hard for the every day investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has registered and non-CRA-registered account types. You may select between both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is available on both IOS and Google Play. The app makes the signup steps and trading of stocks and ETFs incredibly easy.
Is Wealthsimple Trade Trustworthy?
. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). This company has been expanding for more than 7 years and right now employs over 600 people. The main owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to deposit to a new account. Simply connect a chequing or savings account to your Trade account, and then fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take a couple of days. Funds can the same way can be withdrawn a chequing or savings account with the same method.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your taxes online for free. It’s advertised to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid visa and savings account which lets you to recieve 1% cashback on all your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of different online courses on different topics such as saving, investments, crypto, mortgages and more.
Each of the above products, along with Wealthsimple Trade can be found within the mobile app and on the site with a single login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive registration bonus to our readers you will get the cash value of a stock valued at up to $4,500 CAD once you fund your account.
What if I Still Have Questions Related to Yield Wealthsimple?
If this review still hasn’t answered each of your questions, and you’re still searching for further specific facts about Yield Wealthsimple, check out the Wealthsimple site to find answers to every one of your questions.