Wealthsimple Review 2022: 1 Cent Stocks On Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stock plus crypto trading app that differentiates itself from the competition by charging absolutely no fees. 

A Toronto, Ontario based fintech business launched in Autumn of 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has evolved considerably over the past eight years to feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows consumers trade both single stocks and also ETFs without needing to pay fees. The exception is when trading ETFs and stocks that are denominated in US Dollars. In which case, they do charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of having to pay more than $7 per each trade with online discount brokerages as was common a couple years ago.

Exactly How Much Money do I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is awesome such that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large initial deposit amounts of $1000-$5000. This makes it tough for the everyday new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA account types in the setup wizard. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app that is offered on IOS and also Google Play. The mobile app makes the registration steps and also trading of stocks and ETFs very painless.

Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is legit. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). they’ve been in business for more than 7 years and now employs over 600 folks. The majority owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.

How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly easy to add funds to your new account. Simply connect to a chequing or savings account to your Trade account, then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can just as easily be moved back to your chequing or savings accounts using the same process.

Which Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to e-Transfers that allows one to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for this tax year and file your tax return online free. It’s advertised as simple, accurate and always free tax return filing.

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

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

Every one of the listed features, along with Wealthsimple Trade can be found within the app or at the site with a single login.

But How Should I Start Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As a special signup bonus offer to our readers you’ll receive the equivalent cash value of a Canadian stock worth up to $4,500 Canadian when you deposit to your account.

So What if I Still Have Additional Questions Related to 1 Cent Stocks On Wealthsimple?

If this review hasn’t answered all of your questions, and you’re still browsing for further information about 1 Cent Stocks On Wealthsimple, check out the Wealthsimple website to get answers to each your questions.