Wealthsimple Review 2022: How Does Wealthsimple Make Money

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech business launched in the Fall of twenty fourteen exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown considerably over the previous 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and ETFs without having to pay any commissions. The exception is when you’re trading stocks which are listed in USD currency. In that case, they will charge a currency conversion fee when buying and selling. However, gone are the days of having to pay Upwards of $7 per each trade with discount brokerages as was normal just a couple years past.

How Much Cash do I Need to Have to Start Investing on Wealthsimple Trade?

Wealthsimple is awesome in that they allow investors to make a minimum deposit of just $1. Most alternative banks and brokerages have large initial deposit amounts of $1000-$5,000. This makes it hard for the normal investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

Yes. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA accounts during the setup phase. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app offered on both IOS and also Android. The smartphone app makes the signup phase and the trading of stocks and ETFs truly simple.

Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). they’ve been expanding for more than 7 years and right now employs over 600 Canadians. The controlling owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.

But How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to a new account. Just connect to a chequing or savings account to your Trade account, and add money to your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can also be moved to a chequing or savings account with the exact same method.

What Additional Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac E-transfers that allow anyone to quickly and efficiently transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for this tax year and submit your taxes online free. It’s described to be simple, accurate and always free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings account that allows you to recieve 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different online courses on topics like saving, investments, crypto, mortgages and more. 

All of the mentioned features, along with Wealthsimple Trade may be found in the app and at their site with one login.

How do I Begin With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. For a special registration bonus to our audience you’ll receive the equivalent cash value of a stock valued at up to $4,500 CAD once you fund your account.

So What if I Still Have Questions Concerning How Does Wealthsimple Make Money?

If this blog post still hasn’t answered each of your questions, and you’re still looking for further info about How Does Wealthsimple Make Money, check out the Wealthsimple website to find answers to every one of your questions.