Wealthsimple Review 2022: Buying Crypto On Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading app that differentiates itself from similar apps by charging no fees. 

A Toronto, Ontario based online financial services company launched in Fall of 2014 originally as a robo advisor automated trading app called Wealthsimple Invest, it has evolved substantially over the past eight years to also include Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows investors to trade stand alone stocks and also ETFs without paying fees. The exception is when trading stocks which are displayed in USD currency. In that case, they charge a nominal currency conversion fee both when buying and selling. But, past us are the days of having to pay Upwards of $7 per trade with digital discount brokerages as was expected just a few years ago.

How Much Cash do I Need in Order to Start With Wealthsimple Trade?

Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have quite large min deposit amounts of $1000-$5000. This makes it impossible for the common investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

They do. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. One may select between both RRSP and TFSA accounts during the setup phase. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app that is available on both iOS and also Google Play. The smartphone app makes the signup phase and also trading of stocks and ETFs incredibly painless.

Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is secure. Wealthsimple has over 15 billion CAD in Assets Under Management . They have been doing business for more than 7 years and also now employs over 600 folks. The primary shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.

But How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to add money to a new account. Simply connect to a chequing or savings account with your Trade account, then add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can the same way can be moved to a chequing or savings accounts through the exact same method.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac e-transfers which allow anyone to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online free. It’s pitched to be simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid visa and savings product that allows you to recieve 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest rate on savings.

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

Each of the listed features, along with Wealthsimple Trade can be accessed in the mobile app or at the website with your Wealthsimple login.

How do I Get Started Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. For a special registration bonus offer for our readers you will receive the equivalent cash value of a share valued at up to $4,500 Canadian as soon as you add funds to your account.

What if I Still Have Questions Related to Buying Crypto On Wealthsimple?

If this article hasn’t given you the answers to each of your questions, and you’re searching for more specific answers about Buying Crypto On Wealthsimple, go to the Wealthsimple website to get answers to each your questions.