Wealthsimple Review 2022: Can You Lose Money With Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stock plus crypto trading web app that differentiates itself from similar apps by charging absolutely no fees. 

A online financial services business founded in the Fall of twenty fourteen exclusively as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has grown considerably over the previous eight years to include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets Canadian consumers to trade both single stocks and ETFs without having to pay any fees. The exception to this is when trading stocks and ETFs that are denominated in USD currency. In that case, they charge a small currency conversion fee both when buying and selling. But, past us are the days of having to pay more than $7 for each trade with online discount brokerages as was the case a couple years past.

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

Wealthsimple is awesome such that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large minimum deposit amounts of 1K-5K. This makes it hard for the every day investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade offers both registered and non-CRA-registered accounts. One are able to choose both RRSP and TFSA account types during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app available on IOS and also Android. The app makes the signup phase and also trading of stocks and ETFs painless.

Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and also employs over 600 people. The primary owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage operating in Canada.

How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to add funds to an account. Just connect to a chequing or savings account with your Trade account, then add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn your chequing or savings account by using the same method.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – An alternative to E-transfers that allows anyone to quickly and efficiently send cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid visa and savings account which allows you to get 1% cashback on your purchases, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – 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 listed features, including Wealthsimple Trade may be found in the mobile app or on their website with your Wealthsimple login.

So How do I Begin Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 Canadian when you add funds to your account.

What if I Still Have Additional Questions Related to Can You Lose Money With Wealthsimple?

If this review didn’t given you the answers to each of your questions, and you’re still looking for more info relating to Can You Lose Money With Wealthsimple, visit the Wealthsimple site to get answers to every one of your questions.