Wealthsimple Review 2022

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks plus crypto trading platform that sets itself apart from its competitors by charging no fees. 

A fintech business founded in Fall of twenty fourteen originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has grown significantly over the previous 8 years to also include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade both stand alone stocks and also ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs which are listed in USD currency. In which case, they do charge a small currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 per trade with digital discount brokerages as was normal just a couple years ago.

How Much in Funds do I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is awesome such that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large minimum deposit amounts of $1,000-5K. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has both registered and non-CRA-registered account types. You can select between both RRSP and TFSA account types during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app available on IOS and Google Play. The app makes the enrollment phase and the trading of stocks and ETFs super simple.

But Is Wealthsimple Trade Safe?

For sure. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and at this time employs about 600 folks. The majority owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.

But How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it simple to deposit to your account. Just connect to a chequing or savings account to your Trade account, and add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can just as easily be moved back to a chequing or savings account with the exact same method.

Which Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-Transfers that allow anyone to quickly and simply send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and file your tax return online for free. It’s described as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings account which allows one to recieve 1% cashback on your spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of courses on saving, investments, crypto, home buying and much more. 

Every one of the mentioned features, including Wealthsimple Trade may be accessed within the mobile app or from the website with a single login.

How do I Get Started Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you will receive the equivalent cash value of a share worth $25 up to $4,500 CAD when you deposit to your account.