Wealthsimple Review 2022: Crypto On Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading app that sets itself apart from the competition by charging no fees. 

A fintech business founded in Fall 2014 originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has improved considerably over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors trade both individual stocks and also ETFs without paying fees. The exception to this is when you’re trading stocks and ETFs that are displayed in US Dollars. In that case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the times of paying $7-12 per trade with discount brokerages as was common a couple years past.

How Much Cash Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and brokerages have sizeable min deposit amounts of $1000-$5000. This makes it difficult for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One are free to choose between both RRSP and TFSA account types in the setup process. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both IOS and Android. The smartphone app makes the signup process and also trading of stocks and ETFs very simple.

So Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD of Assets Under Management . These folks have been expanding for more than 7 years and employs more than 600 folks. The majority shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.

So How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to fund an account. Just connect a chequing or savings account with your Trade account, then fund your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can just as easily be withdrawn a chequing or savings accounts with the exact same method.

What Additional Features and Products Are Available?

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

Wealthsimple Tax – Everything you require to get ready for this tax season and submit your taxes online free. It’s described to be simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets 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 education platform which includes a ton of online courses on topics like saving, investing, crypto, mortgages and much more. 

All of the above products, along with Wealthsimple Trade can be found within the app and at their site with one login.

But How do I Begin Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. For a special signup bonus to our audience you will receive the cash value of a stock valued at up to $4,500 CAD when you deposit to your account.

So What if I Still Have Questions Concerning Crypto On Wealthsimple?

If this blog post still hasn’t answered each of your questions, and you’re still looking for additional answers about Crypto On Wealthsimple, check out the Wealthsimple website for answers to each your questions.