Wealthsimple Canada Invest Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading platform that distinguishes itself from the competition by charging no fees. 

A Toronto, Ontario based online financial services business launched in Autumn 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has changed considerably over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets Canadian investors to trade single stocks and also ETFs without having to pay any fees. The exception to this is when you’re trading ETFs and stocks which are displayed in USD. In this case, they do charge a small currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 per each trade with discount brokerages as was expected only a few years past.

How Much Cash do I Need to Have in Order to Start Investing With Wealthsimple Trade?

Wealthsimple is unique such that they will allow investors to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable min deposit amounts of $1,000-5k. This makes it impossible for the common new investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

Of course. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA account types in the setup phase. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a convenient mobile app available to download on both Apple and Google Play. The app makes the enrollment steps and trading of stocks and ETFs super simple.

But Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . This company has been operating for more than 7 years and also employs over 600 Canadians. The controlling owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.

But How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to deposit to a new account. Simply connect a chequing or savings account with your Trade account, and add money to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can the same way can be withdrawn a chequing or savings account by using the same process.

What Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to E-Transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings account which allows one to get 1% cashback on your spending, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of online courses on different topics such as saving, investments, crypto, real estate and more. 

Every one of the above features, including Wealthsimple Trade may be found within the app or at the site with one login.

So How Can I Start Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As a special registration bonus for our audience you’ll get the equivalent cash value of a random share valued at up to $4,500 Canadian as soon as you fund your account.

So What if I Still Have Questions Concerning Wealthsimple Debit Card?

If this blog post didn’t answered all of your questions, and you’re browsing for more specific info relating to Wealthsimple Canada Invest Review, visit the Wealthsimple website to get answers to every one of your questions.