Wealthsimple Review 10: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading platform that sets itself apart from the competition by charging no fees. 

A online financial services company launched in the Fall 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the last eight years to feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows investors to trade both single stocks and ETFs without having to pay any commissions. The exception is when you’re trading stocks and ETFs which are listed in US Dollars. In which case, they do charge a currency conversion fee both when buying and selling. But, gone are the days of paying more than $7 per each trade with online discount brokerages as was the case just a couple years ago.

How Much Cash Will I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large min deposit amounts of 1K-5K. This makes it difficult for the typical investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA account types in the setup process. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a well designed mobile app offered to download on iOS and also Android. The app makes the enrollment steps and also the trading of stocks and ETFs truly painless.

So Is Wealthsimple Trade Safe?

. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management . This company has been operating for more than 7 years and also at this time employs about 600 Canadians. The majority shareholder is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage operating in Canada.

But How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly easy to fund a new account. Just connect to a chequing or savings account to your Trade account, and fund your account in only a couple of steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can also be moved to a chequing or savings account through the exact same process.

Which Other Features and Products Does Wealthsimple Offer?

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

Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online free. It’s described to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings product which lets 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 online courses on different topics such as saving, investing, crypto, real estate and more. 

All of the mentioned features, along with Wealthsimple Trade may be accessed inside the app and on their website with your Wealthsimple login.

So How Can I Get Started With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. As an exclusive registration bonus for our readers you’ll get the equivalent cash value of a random stock worth $25 up to $4,500 Canadian once you deposit to your account.

What if I Still Have Additional Questions Concerning Gic Wealthsimple?

If this review hasn’t answered all of your questions, and you’re still browsing for more information about Wealthsimple Review 10, check out the Wealthsimple site to find answers to each your questions.