Wealthsimple Review 2022: Bitcoin On Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, securities and crypto trading platform that sets itself apart from its competitors by charging no fees. 

A Toronto, Ontario based fintech business founded in Fall 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has changed significantly over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors to trade both individual stocks and ETFs without needing to pay any commissions. The exception is when you’re trading ETFs and stocks that are displayed in USD. In which case, they charge a small currency conversion fee when buying and selling. But, gone are the days of having to pay Upwards of $7 per each trade with digital discount brokerages as was common only a couple years ago.

How Much Cash Will I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is awesome such that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have large minimum deposit amounts of 1k-5k. This makes it hard for the everyday new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You may choose both RRSP and TFSA account types in the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on both iOS and also Android. The smartphone app makes the signup steps and also trading of stocks and ETFs very a breeze.

Is Wealthsimple Trade Safe?

. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). they’ve been operating for more than 7 years and currently employs about 600 folks. The majority shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.

How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to add funds to your account. Just connect to a chequing or savings account to your Trade account, and then add funds to your account in only a few clicks. Deposits from your bank to Wealthsimple typically take only a couple of days. Funds can just as easily be withdrawn your chequing or savings account through the exact same process.

Which Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac e-Transfers that allow you to quickly and simply transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows one to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different courses on topics like saving, investments, crypto, home buying and much more. 

All of the listed features, including Wealthsimple Trade may be found inside the app and on the site with one login.

But How Can I Get Started Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian when you fund your account.

So What if I Still Have Questions Related to Bitcoin On Wealthsimple?

If this blog post hasn’t given you the answers to all of your questions, and you’re searching for further info relating to Bitcoin On Wealthsimple, go to the Wealthsimple website to find answers to every one of your questions.