Wealthsimple Review 2022: How Does Wealthsimple Work

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech company launched in Fall twenty fourteen originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has changed significantly over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows investors to trade individual stocks and ETFs without having to pay commissions. The exception to this is when trading stocks and ETFs that are denominated in US Dollars. In which case, they do charge a small currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 per trade with discount brokerages as was expected a few years ago.

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

Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of 1K-5K. This makes it hard for the typical new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

Yes. Wealthsimple Trade has available both registered and non-CRA-registered account types. You may select both RRSP and TFSA account types in the setup wizard. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app that is available to download on IOS and Google Play. The smartphone app makes the signup phase and also trading of stocks and ETFs truly a breeze.

So Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). they’ve been doing business for more than 7 years and currently employs roughly 600 Canadians. The majority owner is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.

So How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very simple to add money to your account. Simply connect a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from banks to Wealthsimple usually take a few days. Funds can just as easily be moved back to your chequing or savings accounts by using the exact same method.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to E-transfers which allows one to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your taxes online for free. It’s described as simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid pre paid visa and savings account which allows you to recieve 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of courses on topics like saving, investing, crypto, home buying and much more. 

Every one of the listed features, including Wealthsimple Trade can be found within the app and at their website with one login.

But How do I Start With Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As a special signup bonus offer to our audience you will get the equivalent cash value of a random stock worth up to $4,500 Canadian when you fund your account.

So What if I Still Have Additional Questions Related to How Does Wealthsimple Work?

If this blog post still hasn’t answered each of your questions, and you’re still looking for more answers relating to How Does Wealthsimple Work, go to the Wealthsimple website to find answers to every one of your questions.