Wealthsimple Review

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading platform that distinguishes itself from other apps by charging absolutely no fees.

A fintech company launched in Fall 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has changed considerably over the last 8 years to feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian consumers to trade both stand alone stocks and ETFs without having to pay any fees. The exception to this is when trading stocks that are denominated in USD. In which case, they charge a currency conversion fee both when buying and selling. However, past us are the days of having to pay $7-12 for each trade with online discount brokerages as was normal only a few years past.

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

Wealthsimple is awesome such that they will allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large minimum deposit amounts of 1k-$5000. This makes it impossible for the normal new investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

They do. Wealthsimple Trade has available both registered and non-registered account types. You may select between both RRSP and TFSA account types during the setup phase.

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app available on both Apple and Google Play. The smartphone app makes the registration steps and also the trading of stocks and ETFs very easy.

But Is Wealthsimple Trade Safe?

Definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). They have been operating for more than 7 years and also employs roughly 600 folks. The majority shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.

How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so simple to add funds to your account. Just connect to a chequing or savings account to your Trade account, and add funds to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can also be moved back to a chequing or savings account by the exact same method.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac E-transfers which allow you to quickly and easily transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax year and file your taxes online free. It’s advertised to be simple, accurate and always totally free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings account that allows one to get 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a variety of courses on saving, investing, crypto, mortgages and much more.

All of the above features, along with Wealthsimple Trade can be found in the app and at the site with a single login.

So How Should I Begin Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. As a special signup bonus to our readers you’ll receive the cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.

What if I Still Have Questions About Wealthsimple Review?

If this review still hasn’t answered each of your questions, and you’re still searching for additional information about Wealthsimple Review, check out the Wealthsimple website to get answers to all your questions.