Wealthsimple Canada Review Reddit

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks and crypto trading app that differentiates itself from similar apps by charging absolutely no fees.

A online financial services company launched in the Autumn 2014 originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets investors to trade stand alone stocks and ETFs without having to pay any commissions. The exception to this is when trading stocks and ETFs that are listed in USD. In which case, they charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of having to pay more than $7 for each trade with digital discount brokerages as was expected only a couple years past.

Exactly How Much in Funds do I Need to Start Investing With Wealthsimple Trade?

Wealthsimple is unique in that they will allow investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it tough for the common new investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. One are free to choose both RRSP and TFSA account types in the setup phase.

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on both Apple and also Android. The mobile app makes the signup phase and trading of stocks and ETFs super painless.

But Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and also now employs more than 600 people. The primary shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.

So How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to deposit to an account. Just connect to a chequing or savings account to your Trade account, and then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can also be moved back to a chequing or savings account with the exact same method.

Which Additional Features and Products Are Available?

Wealthsimple Cash – An equivalent to E-transfers which allows you to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax year and submit your tax return online free. It’s described as easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid visa and savings product which lets you to recieve 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of courses on different topics such as saving, investing, crypto, real estate and more.

Every one of the above features, including Wealthsimple Trade may be accessed within the app and from their site with a single login.

So How do I Begin With Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. For a special registration bonus to our readers you’ll receive the equivalent cash value of a share valued at $25 up to $4,500 CAD once you make an initial deposit to your account.

So What if I Still Have Additional Questions Related to Wealthsimple Canada Review Reddit?

If this article still hasn’t given you the answers to each of your questions, and you’re still looking for further information relating to Wealthsimple Canada Review Reddit, go to the Wealthsimple site for answers to every one of your questions.