Wealthsimple Review 2022: Auto Deposit Wealthsimple Trade

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, securities plus crypto trading app that distinguishes itself from its competitors by charging no fees. 

A leading Canadian online financial services company launched in Autumn twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has improved substantially over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade single stocks and ETFs without paying fees. The exception to this is when trading ETFs and stocks which are displayed in USD. In this case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of having to pay $7-12 per each trade with discount brokerages as was the norm a few years ago.

Exactly How Much Money do I Need to Have to Start Investing With Wealthsimple Trade?

Wealthsimple is special in that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable minimum deposit amounts of $1,000-5K. This makes it difficult for the every day investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

Of course. Wealthsimple Trade offers CRA registered and non-registered account types. You are able to choose between both RRSP and TFSA accounts in the setup phase. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app offered to download on iOS and Android. The app makes the signup steps and trading of stocks and ETFs incredibly easy.

But Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion CAD in Assets Under Management . This company has been doing business for more than 7 years and also right now employs roughly 600 Canadians. The main shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.

But How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite easy to add funds to your new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in only a few steps. Deposits from your bank to Wealthsimple normally take just a few days. Funds can just as easily be moved to a chequing or savings account by the same process.

Which Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-transfers which allow you to quickly and efficiently transfer money to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid visa and savings account which allows one to earn 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a variety of different online courses on different topics such as saving, investments, crypto, home buying and much more. 

All of the above features, along with Wealthsimple Trade can be found within the app or from the website with a single login.

How Can I Start Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. For a special registration bonus offer for our readers you will get the equivalent cash value of a share valued at up to $4,500 Canadian once you fund your account.

But What if I Still Have Additional Questions Related to Auto Deposit Wealthsimple Trade?

If this blog post didn’t answered all of your questions, and you’re browsing for more answers about Auto Deposit Wealthsimple Trade, check out the Wealthsimple website to find answers to each your questions.