Wealthsimple Honest Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stock and crypto trading platform that distinguishes itself from other apps by charging no fees. 

A Toronto, Ontario based online financial services business founded in the Fall 2014 exclusively as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has improved substantially over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets investors trade individual stocks and also ETFs without needing to pay any commissions. The exception is when trading ETFs and stocks which are displayed in USD. In that case, they will charge a small currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 for each trade with discount brokerages as was expected a few years past.

How Much Money Will I Need to Have to Get Started on Wealthsimple Trade?

Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it hard for the everyday investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

It does. Wealthsimple Trade has available registered and non-registered account types. You may choose between both RRSP and TFSA account types during the setup phase. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app available to download on both IOS and also Android. The app makes the enrollment phase and the trading of stocks and ETFs a breeze.

So Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). These folks have been expanding for more than 7 years and employs more than 600 folks. The controlling shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.

How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to fund an account. Just connect a chequing or savings account to your Trade account, and fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts using the exact same process.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac E-transfers that allow you to quickly and efficiently transfer money to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid debit card and savings product that 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 which includes a ton of different courses on topics like saving, investments, crypto, home buying and much more. 

All of the listed features, along with Wealthsimple Trade can be found on the mobile app or from the website with a single login.

But How do I Begin With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special signup bonus to our audience you will get the cash value of a stock valued at $25 up to $4,500 CAD as soon as you make an initial deposit to your account.

So What if I Still Have Additional Questions Related to Close Wealthsimple Account?

If this review still hasn’t given you the answers to each of your questions, and you’re still searching for more specific info about Wealthsimple Honest Review, visit the Wealthsimple site for answers to all your questions.