Wealthsimple Invest And Cash Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading web app that sets itself apart from similar apps by charging no fees. 

A online financial services business founded in the Fall of twenty fourteen exclusively as a robo advisor automated trading platform named Wealthsimple Invest, it has grown significantly over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers to trade single stocks and ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs which are denominated in USD. In which case, they do charge a small currency conversion fee when buying and selling. However, gone are the days of paying more than $7 per each trade with digital discount brokerages as was the case just a couple years ago.

Exactly How Much in Funds Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is unique such that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable min deposit amounts of 1K-5K. This makes it difficult for the every day new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade has registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA accounts in the setup phase. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app that is offered on iOS and also Android. The mobile app makes the registration steps and trading of stocks and ETFs painless.

So Is Wealthsimple Trade Safe?

Of course. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). These folks have been operating for more than 7 years and now employs more than 600 Canadians. The controlling shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.

So How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to deposit to an account. Simply connect to a chequing or savings account with your Trade account, and fund your account in simply a few steps. Deposits from your bank to Wealthsimple typically 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 steps.

Which Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to e-transfers that allows one to quickly and efficiently transfer money to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to earn 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest rate on savings.

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

Every one of the above products, along with Wealthsimple Trade may be accessed within the app or on the site with one login.

So How Should I Start With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For a special registration bonus offer to our readers you will get the cash value of a random stock worth up to $4,500 CAD when you deposit to your account.

But What if I Still Have Questions About Wealthsimple Day Trading?

If this article hasn’t answered each of your questions, and you’re still searching for more answers about Wealthsimple Invest And Cash Review, go to the Wealthsimple site to find answers to all your questions.