Wealthsimple Card Review Reddit: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, securities and crypto trading app that distinguishes itself from similar apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services company founded in the Autumn of twenty fourteen exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has changed considerably over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and also ETFs without having to pay any fees. The exception to this is when trading stocks which are denominated in USD. In which case, they charge a currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 for each trade with online discount brokerages as was expected only a couple years ago.

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

Wealthsimple is special in that they will allow investors to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large min deposit amounts of $1000-5k. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

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

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app available to download on IOS and Android. The app makes the signup process and also the trading of stocks and ETFs super simple.

But Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . These folks have been expanding for more than 7 years and currently employs roughly 600 folks. The main owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.

How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite straight forward to add money to your account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in simply a couple of clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can just as easily be moved to a chequing or savings account using the exact same method.

What Additional Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to e-Transfers which allows 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 submit your tax return online for free. It’s advertised as simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination pre paid visa and savings account that lets one to get 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a bunch of online courses on different topics such as saving, investing, crypto, mortgages and more. 

Every one of the listed products, along with Wealthsimple Trade may be accessed inside the mobile app or from their website with one login.

How Can I Begin With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special registration bonus for our readers you will get the cash value of a random share worth $25 up to $4,500 Canadian once you make an initial deposit to your account.

What if I Still Have Additional Questions Concerning Wealthsimple Business Account?

If this blog post hasn’t answered each of your questions, and you’re still browsing for additional information about Wealthsimple Card Review Reddit, visit the Wealthsimple website to find answers to each your questions.