My.wealthsimple.com Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading platform that distinguishes itself from other apps by charging no fees. 

A leading Canadian fintech company launched in the Fall of 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has changed substantially over the past 8 years to feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade single stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading ETFs and stocks which are displayed in US Dollars. In which case, they do charge a currency conversion fee when buying and selling. However, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was the norm only a few years past.

Exactly How Much in Funds Will I Need to Have to Start on Wealthsimple Trade?

Wealthsimple is unique in that they allow investors to make a minimum deposit of just $1. Most alternative banks and brokerages have sizeable minimum deposit amounts of 1k-$5000. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

Yes. Wealthsimple Trade has available both CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA accounts during the setup wizard. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is available to download on both iOS and Google Play. The mobile app makes the signup process and also trading of stocks and ETFs truly simple.

But Is Wealthsimple Trade Secure?

. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). These folks have been in business for more than 7 years and employs about 600 people. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.

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

The Wealthsimple Trade mobile app makes it simple to add money to a new account. Just connect a chequing or savings account to your Trade account, and fund your account in simply a few clicks. Deposits from banks to Wealthsimple typically take just a couple of days. Funds can just as easily be moved back to your chequing or savings account by using the same process.

Which Additional Features and Products Are Available?

Wealthsimple Cash – An alternative to e-Transfers which allow you to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for this tax year and submit your taxes online for free. It’s pitched to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to earn 1% cashback on all your purchases, and also earn a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a variety of different courses on saving, investing, crypto, real estate and more. 

All of the above features, along with Wealthsimple Trade may be accessed on the mobile app and on the website with your Wealthsimple login.

But How do I Start Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For an exclusive signup bonus to our readers you’ll get the cash value of a random stock worth $25 up to $4,500 CAD as soon as you deposit to your account.

So What if I Still Have Questions Related to Bitbuy Vs Wealthsimple?

If this blog post hasn’t given you the answers to all of your questions, and you’re still searching for more info relating to My.wealthsimple.com Review, go to the Wealthsimple site for answers to each your questions.