Wealthsimple Cash Review Reddit: Complete Guide

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, stock plus crypto trading platform that distinguishes itself from similar apps by charging no fees. 

A online financial services company launched in the Fall of 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved significantly over the previous 8 years to also include Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian investors to trade both stand alone stocks and also ETFs without paying any commissions. The exception to this is when trading stocks and ETFs that are listed in USD. In this case, they charge a small currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 per each trade with digital discount brokerages as was expected just a couple years ago.

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

Wealthsimple is unique in that they allow new customers to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable minimum deposit amounts of 1k-5k. This makes it hard for the typical investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

It does. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. One are able to choose between both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is available on both Apple and also Google Play. The smartphone app makes the registration process and the trading of stocks and ETFs incredibly simple.

But Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been doing business for more than 7 years and right now employs more than 600 Canadians. The main shareholder 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.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very simple to add money to your new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from banks to Wealthsimple normally take a couple of days. Funds can just as easily be moved to your chequing or savings account by the same process.

Which Additional Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac e-transfers that allow one to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your taxes online free. It’s described to be simple, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows one to get 1% cashback on your purchases, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of online courses on topics like saving, investments, crypto, home buying and more. 

Every one of the mentioned features, including Wealthsimple Trade may be found within the app and on the website with your Wealthsimple login.

But How Should I Start With Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. As a special signup bonus to our readers you’ll get the cash value of a random Canadian stock valued at $25 up to $4,500 CAD as soon as you add funds to your account.

What if I Still Have Questions About Wealthsimple Bank?

If this review didn’t answered each of your questions, and you’re still searching for further specific information about Wealthsimple Cash Review Reddit, check out the Wealthsimple site for answers to every one of your questions.