Wealthsimple Review 2021: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, securities plus crypto trading platform that differentiates itself from the competition by charging no fees. 

A Toronto, Ontario based online financial services company founded in the Autumn 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has improved significantly over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors trade stand alone stocks and also ETFs without paying any fees. The exception to this is when you’re trading stocks that are denominated in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay more than $7 per trade with online discount brokerages as was the case just a couple years ago.

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

Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have sizeable min deposit amounts of $1000-5K. This makes it difficult for the every day investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

They do. Wealthsimple Trade offers both registered and non-CRA-registered account types. One may choose both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a well designed mobile app offered to download on both IOS and Google Play. The app makes the enrollment steps and trading of stocks and ETFs super simple.

But Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . This company has been in business for more than 7 years and employs over 600 people. The primary owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.

So How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so simple to add money to a new account. Simply connect a chequing or savings account with your Trade account, then add money to your account in only a few steps. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can just as easily be moved to a chequing or savings account using the exact same method.

What Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac e-transfers that allow you to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your tax return online free. It’s described as easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings account which lets you to recieve 1% cashback on all your spending, as well as earn a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a bunch of online courses on saving, investing, crypto, home buying and much more. 

All of the above products, along with Wealthsimple Trade may be found inside the app and at their site with your Wealthsimple login.

But How do I Get Started With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For an exclusive signup bonus to our audience you will get the equivalent cash value of a random share valued at up to $4,500 CAD when you deposit to your account.

So What if I Still Have Questions About Wealthsimple Canada?

If this article didn’t answered each of your questions, and you’re still looking for more specific facts relating to Wealthsimple Review 2021, visit the Wealthsimple site for answers to every one of your questions.