Wealthsimple Review 2022: Eq Bank Vs Wealthsimple

What Exactly is Wealthsimple?

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

A online financial services company founded in Autumn 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has changed considerably over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows Canadian consumers trade single stocks and ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs that are denominated in USD currency. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the times of paying more than $7 for each trade with online discount brokerages as was expected just a couple years ago.

Exactly How Much in Funds Will I Need to Have to Begin Investing With Wealthsimple Trade?

Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and brokerages have large min deposit amounts of $1000-$5000. This makes it hard for the typical investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade offers registered and non-CRA-registered account types. You can select both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app available on iOS and Google Play. The app makes the signup process and also trading of stocks and ETFs truly simple.

Is Wealthsimple Trade Safe?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). These folks have been doing business for more than 7 years and also employs more than 600 folks. The main shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.

So How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to deposit to your 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 normally take only a few days. Funds can the same way can be withdrawn your chequing or savings account by using the exact same steps.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to Interac e-Transfers which allow you to quickly and easily send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to get 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of different courses on different topics such as saving, investments, crypto, home buying and more. 

All of the above features, including Wealthsimple Trade can be found in the mobile app or on their website with one login.

How Can I Start Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special registration bonus offer for our audience you’ll get the equivalent cash value of a stock valued at $25 up to $4,500 CAD when you add funds to your account.

So What if I Still Have Questions Related to Eq Bank Vs Wealthsimple?

If this article hasn’t given you the answers to all of your questions, and you’re still looking for further specific info about Eq Bank Vs Wealthsimple, go to the Wealthsimple site to find answers to all your questions.