Wealthsimple Review 2022: Apps Like Wealthsimple

What is Wealthsimple?

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

A leading Canadian fintech company launched in Fall of twenty fourteen exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved considerably over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian investors to trade both single stocks and ETFs without paying commissions. The exception to this is when trading ETFs and stocks that are denominated in USD. In which case, they charge a small currency conversion fee when buying and selling. However, gone are the days of having to pay $7-12 per trade with discount brokerages as was normal a few years ago.

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

Wealthsimple is cool such that they allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have sizeable minimum deposit amounts of $1,000-$5,000. This makes it hard for the typical investor to start. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade has both registered and non-registered accounts. You are able to select both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on both IOS and Google Play. The smartphone app makes the enrollment phase and also trading of stocks and ETFs incredibly easy.

But Is Wealthsimple Trade Safe?

Of course. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). This company has been expanding for more than 7 years and also at this time employs roughly 600 people. The primary shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.

How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so straight forward to fund your new account. Just connect a chequing or savings account to your Trade account, and then add money to your account in simply a few steps. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can just as easily be moved to your chequing or savings account by the exact same steps.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac e-transfers which allows one to quickly and easily send cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets one to recieve 1% cashback on all your everyday spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a ton of courses on topics like saving, investments, crypto, mortgages and more. 

All of the above products, including Wealthsimple Trade may be found within the mobile app or on their website with a single login.

But How do I Start Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special registration bonus for our readers you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian once you add funds to your account.

But What if I Still Have Additional Questions Related to Apps Like Wealthsimple?

If this review didn’t answered each of your questions, and you’re searching for more specific facts relating to Apps Like Wealthsimple, go to the Wealthsimple site for answers to every one of your questions.