Wealthsimple Free Portfolio Review: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading platform that differentiates itself from its competitors by charging no fees. 

A fintech company launched in Autumn 2014 exclusively as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the past 8 years to feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows investors to trade both individual stocks and ETFs without having to pay any commissions. The exception to this is when trading ETFs and stocks that are listed in USD currency. In which case, they will charge a small currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 per trade with discount brokerages as was the norm only a couple years past.

How Much in Funds do I Need in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large min deposit amounts of $1,000-$5000. This makes it tough for the typical new investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade has available CRA registered and non-registered accounts. You are able to select between both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app available on IOS and also Google Play. The mobile app makes the enrollment process and also trading of stocks and ETFs incredibly simple.

Is Wealthsimple Trade Legit?

Of course. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). These folks have been operating for more than 7 years and right now employs more than 600 people. The majority shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.

So How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to your account. Simply connect the app to a chequing or savings account to your Trade account, and add funds to your account in only a few clicks. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to your chequing or savings account by using the exact same method.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – This is equivalent to e-Transfers which allows anyone to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online for free. It’s pitched to be simple, accurate and always free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings product which lets one to get 1% cashback on all your spending, as well as get a competitive 1.5% interest on savings.

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

Every one of the mentioned features, including Wealthsimple Trade can be found on the app and on the site with one login.

So How Can I Begin Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the cash value of a random share valued at up to $4,500 CAD once you add funds to your account.

But What if I Still Have Additional Questions Related to Can You Buy Dogecoin On Wealthsimple?

If this blog post hasn’t answered all of your questions, and you’re looking for additional answers about Wealthsimple Free Portfolio Review, go to the Wealthsimple site to get answers to every one of your questions.