Wealthsimple Card Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based Financial, stocks and crypto trading platform that sets itself apart from similar apps by charging no fees. 

A online financial services company founded in the Fall 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown considerably over the previous eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors to trade individual stocks and also ETFs without having to pay fees. The exception to this is when trading stocks which are listed in US Dollars. In that case, they charge a nominal currency conversion fee when buying and selling. But, past us are the times of paying $7-12 per trade with online discount brokerages as was expected only a couple years past.

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

Wealthsimple is cool such that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable minimum deposit amounts of 1K-$5000. This makes it impossible for the everyday investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You may select both RRSP and TFSA account types in the setup phase. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app that is available on IOS and Google Play. The app makes the registration process and trading of stocks and ETFs simple.

So Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been operating for more than 7 years and also employs over 600 Canadians. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it very simple to deposit to a new account. Simply connect the app to a chequing or savings account to your Trade account, then add money to your account in only a few steps. Deposits from your bank to Wealthsimple normally take only a few days. Funds can just as easily be moved to a chequing or savings accounts through the same method.

Which Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac E-transfers that allows one to quickly and simply send cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid debit card and savings account that lets one to earn 1% cashback on your spending, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of online courses on topics like saving, investments, crypto, mortgages and much more. 

Each of the above features, along with Wealthsimple Trade may be accessed inside the app and from their website with your Wealthsimple login.

So How Should I Begin Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. As a special registration bonus offer to our audience you will receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you deposit to your account.

But What if I Still Have Additional Questions Related to Wealthsimple Blog?

If this article hasn’t answered each of your questions, and you’re still looking for additional answers relating to Wealthsimple Card Review, go to the Wealthsimple site to find answers to all your questions.