Wealthsimple Review 2022: Empower Wealthsimple

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, securities and crypto trading platform that differentiates itself from the competition by charging no fees. 

A leading Canadian fintech business launched in Autumn of twenty fourteen exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved substantially over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and also ETFs without needing to pay any fees. The exception is when trading stocks which are listed in USD. In this case, they charge a currency conversion fee both when buying and selling. However, behind us are the days of having to pay more than $7 per trade with discount brokerages as was normal just a couple years past.

How Much in Funds Will I Need in Order to Start on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable minimum deposit amounts of 1K-$5,000. This makes it tough for the every day new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

It does. Wealthsimple Trade has both registered and non-registered accounts. You can select both RRSP and TFSA accounts during the setup process. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is available on iOS and also Android. The smartphone app makes the signup steps and the trading of stocks and ETFs incredibly painless.

Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). These folks have been in business for more than 7 years and also at this time employs over 600 folks. The main shareholder is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.

But How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to fund a new account. Just connect to a chequing or savings account with your Trade account, then add money to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can also be withdrawn a chequing or savings accounts by using the same process.

Which Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to E-transfers that allows one to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your tax return online free. It’s pitched to be easy, accurate and always free tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings product that lets one to recieve 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a variety of different online courses on saving, investing, crypto, home buying and more. 

All of the listed features, including Wealthsimple Trade may be accessed on the app and at their site with one login.

So How Should I Begin Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll get the cash value of a random share valued at up to $4,500 Canadian as soon as you fund your account.

So What if I Still Have Questions Concerning Empower Wealthsimple?

If this article hasn’t given you the answers to all of your questions, and you’re still browsing for further specific facts about Empower Wealthsimple, check out the Wealthsimple website for answers to every one of your questions.