My Wealthsimple Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, stock plus crypto trading platform that differentiates itself from its competitors by charging no fees. 

A fintech business founded in Fall 2014 originally as a robo advisor trading app called Wealthsimple Invest, it has changed significantly over the past 8 years to also include Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian consumers to trade single stocks and ETFs without having to pay commissions. The exception is when trading ETFs and stocks that are denominated in US Dollars. In this case, they will charge a small currency conversion fee when buying and selling. But, behind us are the days of having to pay $7-12 for each trade with discount brokerages as was the norm a few years ago.

Exactly How Much Money do I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large min deposit amounts of $1000-$5000. This makes it hard for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app offered to download on both Apple and also Android. The smartphone app makes the enrollment phase and the trading of stocks and ETFs simple.

So Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management (AUM). they’ve been expanding for more than 7 years and currently employs over 600 people. The majority shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it simple to fund a new account. Just connect a chequing or savings account to your Trade account, and then fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can just as easily be moved back to a chequing or savings accounts using the same steps.

What Additional Benefits and Products Are Available?

Wealthsimple Cash – An equivalent to Interac e-Transfers which allows you to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax year and submit your taxes online for free. It’s advertised to be simple, accurate and always free tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings product which lets you to recieve 1% cashback on all your everyday purchases, as well as earn 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 different topics such as saving, investments, crypto, home buying and much more. 

Every one of the mentioned features, including Wealthsimple Trade can be accessed inside the mobile app or from the website with your Wealthsimple login.

How Should I Get Started Using Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you will get the equivalent cash value of a random stock valued at up to $4,500 Canadian once you add funds to your account.

So What if I Still Have Additional Questions Related to Is Wealthsimple Safe?

If this blog post still hasn’t answered all of your questions, and you’re searching for further specific info about My Wealthsimple Review, check out the Wealthsimple website for answers to each your questions.