Is The Wealthsimple App Safe: Complete Guide

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech business founded in Fall 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved significantly over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets investors to trade individual stocks and also ETFs without needing to pay any fees. The exception is when trading stocks which are displayed in USD. In this case, they will charge a small currency conversion fee both when buying and selling. But, gone are the times of paying Upwards of $7 per trade with discount brokerages as was normal a couple years ago.

How Much Money Will I Need to Get Started on Wealthsimple Trade?

Wealthsimple is awesome in that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of 1k-5k. This makes it hard for the common investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. One may choose both RRSP and TFSA account types during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on iOS and also Google Play. The smartphone app makes the signup process and trading of stocks and ETFs incredibly simple.

But Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD in Assets Under Management . This company has been operating for more than 7 years and right now employs more than 600 Canadians. The primary owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.

But How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to deposit to a new account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can also be moved to your chequing or savings account using the exact same steps.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to e-transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid debit card and savings account which allows one to recieve 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of courses on saving, investing, crypto, real estate and much more. 

Every one of the above features, including Wealthsimple Trade may be found inside the app or at their website with your Wealthsimple login.

So How Can I Get Started With Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you’ll get the cash value of a random stock valued at up to $4,500 CAD once you make an initial deposit to your account.

What if I Still Have Additional Questions About Wealthsimple Careers?

If this review still hasn’t given you the answers to all of your questions, and you’re still looking for additional specific info about Is The Wealthsimple App Safe, check out the Wealthsimple website to get answers to all your questions.