A robo advisor is a great option for new investors today as they allow you to build a diversified portfolio on index ETFs with every dollar you contribute to your account. You also don’t need to worry about rebalancing or figuring out which ETF to purchase, it’s all done for you automatically.
You don’t need to be a super rich to begin investing. Investors can open an investing account with a robo advisor with $0 so there’s no need to worry about a minimum account size. The key is to set up a regular contribution plan by direct debit to automatically transfer money to your account every week, or bi-weekly, or monthly. You can do this with as little as $25 at a time.
If you feel ready to tackle a bit of investing on your own, give Wealthsimple Trade a try. There are no account minimums so you can start trading for as little as $1.
Better yet, Wealthsimple Trade charges no commission fees so it really is one of the most wallet-friendly ways to start investing. There is another discount brokerage call questrade which offers zero commission for ETF’s
Regardless of whether you've figured out how to save your first $1,000 or have chosen it's an ideal opportunity to begin investing a modest quantity of your compensation for retirement (or both!), you need to realize what occurs straightaway. Consider this article your learner's manual for contributing, where you'll pick up all you require to think about how to begin from RRSPs and TFSAs, stocks and ETFs, robo advisor and online financiers, and considerably more.
I made a comparison of the best Canadian platform/brokerage available to invest in the market.
$50 Questrade Promo Code: You can get $50 in free trades when you sign up here.
The Wealthsimple Trade app allows Canadians to buy and sell thousands of stocks and exchange-traded funds on Canadian and U.S. exchanges without paying any commission fees. Opening or closing your account, withdrawing funds, electronic statements, and inactive accounts have a $0 fee.
Readers of The Brown Investor who sign up for a Wealthsimple Trade account here receive a $10 cash bonus if they deposit and buy at least $100 worth of stocks within the first 45 days!
Quick note: This article is written just for educational purposes, don’t consider it as financial advice. Always do your own research and consult a professional advisor if needed.
Feel free to message me if you have any question or queries, I would be more than happy to answer :)