Wealthsimple Review 2022: 1042-s Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading app that distinguishes itself from other apps by charging absolutely no fees. 

A leading Canadian online financial services business launched in Fall of 2014 originally as a robo advisor trading platform named Wealthsimple Invest, it has improved significantly over the last eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets consumers to trade individual stocks and ETFs without having to pay any fees. The exception to this is when you’re trading securities which are displayed in USD currency. In that case, they charge a currency conversion fee when buying and selling. But, behind us are the days of having to pay more than $7 per trade with digital discount brokerages as was normal a couple years past.

How Much Money Will I Need in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large min deposit amounts of $1000-$5000. This makes it tough for the every day new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One may choose both RRSP and TFSA accounts in the setup phase. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app available on both IOS and Google Play. The mobile app makes the registration process and also trading of stocks and ETFs incredibly painless.

So Is Wealthsimple Trade Safe?

Definitely. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been doing business for more than 7 years and also employs over 600 people. The main owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite simple to add money to your new account. Just connect a chequing or savings account with your Trade account, and fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved to a chequing or savings accounts with the exact same method.

What Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to e-Transfers which allows you to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online for free. It’s described to be simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination prepaid visa and savings product that allows you to recieve 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of different online courses on saving, investing, crypto, home buying and more. 

Each of the mentioned features, including Wealthsimple Trade may be accessed inside the app and on their website with one login.

How Should I Begin With Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus to our readers you’ll receive the cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you make an initial deposit to your account.

What if I Still Have Questions Related to 1042-s Wealthsimple?

If this review didn’t answered each of your questions, and you’re looking for more specific facts about 1042-s Wealthsimple, go to the Wealthsimple website to get answers to every one of your questions.