Reputable brand: It is Canada's largest robo-advisor, with more than $5 billion in assets under management, and 175,000 users. And Wealthsimple has been recognized as one of the top 100 Global Financial Technology Companies by Fintech 100 since 2016.
We recommend opening an account with Wealthsimple, one of the top robo advisors in Canada. ... Better yet, Wealthsimple Trade charges no commission fees and offers a $25 cash bonus to those who open a new account and then deposit and trade $100, so it really is one of the most wallet-friendly ways to learn how to invest.
It's safe, yes. You'll always need to provide your SIN when you open an account to invest, anywhere you go.
Wealthsimple charges no fees on transfers (in or out) or trading and all accounts receive a few extras, discussed below.
In the extremely unlikely event that Wealthsimple were to go out of business, your account would remain safe and be largely unaffected. All securities are registered in your name, and if we were to close, you could choose to keep your money with Apex, or transfer it to a new advisor or your bank account.
Investing through a bank's high-fee funds might be a bit better than doing nothing, but it is certainly not optimal. For those two groups, the do-nothings and the bank mutual-fund investors, Wealthsimple is an excellent option.
What makes Wealthsimple different. Unlike most big investment firms, Wealthsimple's main priority is to make you money, not to earn a commission. Wealthsimple accounts have no minimum balance, which means that whether you've got $10 or $10,000 to work with, you can start investing ASAP.
The software is certified through Revenue Canada and Revenu Quebec, giving it access to the Netfile service. Wealthsimple tests its software and encrypts information to the highest standard of excellence. Multiple steps are taken to make certain that it is accurate and secure for tax filers.
To withdraw funds from your Wealthsimple account:
Wealthsimple trade is relatively new, and is so stripped down that it lacks some important features that most traders are interested in using. It provides very little information about stocks, has no analysis tools, has no way to automatically buy or sell stocks, and you can only trade on Canadian and U.S. exchanges.
It's not really a test. It's real money and real markets. So yes they need your SIN.
TFSAs are usually preferable for both lower earners as well as those who think they may need to access their funds before retirement. Michael Craig, Portfolio Manager at Wealthsimple points out—if you're already benefiting from the tax advantages that come with an RRSP then you should also take advantage of a TFSA.
Yet No Comments