Wealthsimple Black Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees. 

A Toronto, Ontario based fintech business launched in Fall 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows investors trade stand alone stocks and ETFs without having to pay any commissions. The exception is when trading securities which are displayed in USD. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, past us are the days of paying Upwards of $7 per each trade with digital discount brokerages as was common just a few years ago.

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

Wealthsimple is awesome such that they will allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable initial deposit amounts of $1,000-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

Yes. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are free to choose both RRSP and TFSA accounts during the setup phase. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app available on IOS and Android. The mobile app makes the registration phase and also the trading of stocks and ETFs very simple.

But Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian in Assets Under Management . they’ve been expanding for more than 7 years and currently employs over 600 people. The primary owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.

But How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so easy to add funds to an account. Simply connect the app to a chequing or savings account to your Trade account, and then add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can just as easily be withdrawn your chequing or savings account using the same method.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to Interac e-Transfers that allow anyone to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your tax return online free. It’s advertised to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account which allows 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 which offers a bunch of different online courses on different topics such as saving, investing, crypto, mortgages and much more. 

All of the listed features, along with Wealthsimple Trade can be accessed inside the mobile app and from their website with a single login.

But How Should I Get Started With Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. For a special registration bonus offer to our audience you will receive the cash value of a stock valued at up to $4,500 Canadian when you add funds to your account.

But What if I Still Have Additional Questions About Apps Like Wealthsimple?

If this blog post hasn’t answered all of your questions, and you’re still searching for more specific facts about Wealthsimple Black Review, check out the Wealthsimple site to get answers to all your questions.