Wealthsimple Review 101

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading web app that distinguishes itself from the competition by charging absolutely no fees.

A online financial services company launched in the Autumn 2014 exclusively as a robo advisor automated trading platform named Wealthsimple Invest, it has improved substantially over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors trade both individual stocks and also ETFs without having to pay any commissions. The exception to this is when trading stocks that are displayed in US Dollars. In which case, they will charge a currency conversion fee when buying and selling. But, gone are the days of paying $7-12 per trade with online discount brokerages as was normal only a couple years past.

How Much in Funds do I Need to Have in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have sizeable initial deposit amounts of 1K-5k. This makes it tough for the common investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One may select both RRSP and TFSA accounts during the setup phase.

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both IOS and also Android. The smartphone app makes the registration steps and also trading of stocks and ETFs painless.

So Is Wealthsimple Trade Trustworthy?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs roughly 600 Canadians. The controlling owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.

But How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to add funds to your account. Simply connect a chequing or savings account with your Trade account, and add money to your account in just a couple of steps. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can the same way can be moved to a chequing or savings accounts by using the same method.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac e-transfers which allows one to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for tax season and submit your tax return online for free. It’s pitched as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account which lets you to earn 1% cashback on your purchases, and also get a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of online courses on different topics such as saving, investments, crypto, home buying and more.

Every one of the listed features, along with Wealthsimple Trade can be accessed on the mobile app and at the website with a single login.

So How Should I Start With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a Canadian stock valued at $25 up to $4,500 Canadian once you deposit to your account.

What if I Still Have Questions About Wealthsimple Review 101?

If this review still hasn’t given you the answers to each of your questions, and you’re browsing for more specific answers relating to Wealthsimple Review 101, go to the Wealthsimple website to find answers to every one of your questions.