Reddit Wealthsimple Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based Financial, securities and crypto trading platform that distinguishes itself from other apps by charging no fees. 

A leading Canadian online financial services company founded in the Fall twenty fourteen exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors to trade both individual stocks and also ETFs without paying fees. The exception is when you’re trading securities that are denominated in USD currency. In this case, they will charge a small currency conversion fee when buying and selling. But, past us are the days of having to pay Upwards of $7 per each trade with discount brokerages as was common just a few years ago.

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

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

So Does Wealthsimple Trade Offer RRSP Accounts?

Of course. Wealthsimple Trade has available both CRA registered and non-registered account types. One are free to choose between both RRSP and TFSA account types in the setup phase. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app available on iOS and Google Play. The smartphone app makes the signup phase and also trading of stocks and ETFs simple.

But Is Wealthsimple Trade Secure?

Of course. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and also at this time employs about 600 people. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly simple to add money to an account. Simply connect to a chequing or savings account with your Trade account, and add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved to your chequing or savings accounts through the exact same method.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to E-Transfers that allows anyone to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for this tax year and file your tax return online free. It’s advertised as easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account which allows you to recieve 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.

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

Every one of the listed products, including Wealthsimple Trade can be accessed inside the mobile app and at the site with one login.

But How Can I Get Started Using Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will receive the equivalent cash value of a share valued at up to $4,500 Canadian as soon as you fund your account.

But What if I Still Have Questions Concerning Empower Wealthsimple?

If this blog post hasn’t answered all of your questions, and you’re browsing for more information relating to Reddit Wealthsimple Review, check out the Wealthsimple site to get answers to all your questions.