Wealthsimple Review 2022: Best Stocks To Buy On Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading app that sets itself apart from similar apps by charging no fees. 

A Toronto, Ontario based fintech business launched in Fall of 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved significantly over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows consumers to trade individual stocks and ETFs without paying fees. The exception is when you’re trading stocks which are denominated in USD. In that case, they will charge a currency conversion fee both when buying and selling. But, gone are the days of paying Upwards of $7 for each trade with discount brokerages as was the norm just a couple years past.

How Much in Funds do I Need to Have in Order to Begin Investing With Wealthsimple Trade?

Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of 1K-5K. This makes it tough for the everyday investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer TFSA Accounts?

Yes. Wealthsimple Trade has CRA registered and non-registered accounts. One are able to select between both RRSP and TFSA account types in the setup wizard. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app available on Apple and Android. The mobile app makes the registration phase and the trading of stocks and ETFs simple.

Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian of Assets Under Management . This company has been expanding for more than 7 years and at this time employs about 600 Canadians. The primary owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.

How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite simple to deposit to a new account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved back to your chequing or savings account by the same method.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to E-transfers which allow anyone to quickly and simply transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings account that lets one to get 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of courses on topics like saving, investing, crypto, mortgages and much more. 

All of the mentioned features, including Wealthsimple Trade may be found in the mobile app or on their site with a single login.

But How Should I Start With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.

What if I Still Have Questions Related to Best Stocks To Buy On Wealthsimple?

If this review didn’t answered all of your questions, and you’re looking for additional specific info about Best Stocks To Buy On Wealthsimple, check out the Wealthsimple site to find answers to every one of your questions.