Wealthsimple Review 2022: Alternatives To Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that sets itself apart from other apps by charging absolutely no fees. 

A fintech business founded in the Autumn of 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has grown substantially over the last 8 years to include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade single stocks and also ETFs without paying commissions. The exception to this is when trading ETFs and stocks that are displayed in USD currency. 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 common only a few years past.

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

Wealthsimple is special such that they will allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large min deposit amounts of 1K-5K. This makes it hard for the common new investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One can choose both RRSP and TFSA account types during the setup wizard. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a well designed mobile app offered on IOS and Android. The smartphone app makes the enrollment phase and also the trading of stocks and ETFs a breeze.

Is Wealthsimple Trade Safe?

. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and also currently employs more than 600 people. The controlling owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.

But How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so straight forward to add money to your new account. Simply connect to a chequing or savings account to your Trade account, and then add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple usually take just a few days. Funds can also be moved back to a chequing or savings accounts through the exact same process.

Which Other Benefits and Products Are Offered by Wealthsimple?

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

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

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

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

Each of the mentioned products, including Wealthsimple Trade may be accessed in the app or at the site with one login.

So How do I Start Using Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus to our audience you’ll receive the equivalent cash value of a random Canadian stock worth up to $4,500 CAD as soon as you fund your account.

What if I Still Have Additional Questions About Alternatives To Wealthsimple?

If this article hasn’t given you the answers to each of your questions, and you’re still searching for additional answers about Alternatives To Wealthsimple, visit the Wealthsimple website to get answers to each your questions.