Wealthsimple Review 2022: How Safe Is Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, stock plus crypto trading platform that distinguishes itself from other apps by charging absolutely no fees. 

A fintech business launched in the Fall 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has evolved considerably over the previous 8 years to include Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows consumers to trade single stocks and ETFs without needing to pay fees. The exception is when trading stocks that are denominated in USD. In which case, they do charge a currency conversion fee when buying and selling. But, gone are the times of paying more than $7 for each trade with digital discount brokerages as was expected only a couple years past.

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

Wealthsimple is special in that they allow investors to make a minimum deposit of only $1. Most traditional banks and discount brokerages have sizeable initial deposit amounts of $1,000-5K. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade has CRA registered and non-registered accounts. One may select between both RRSP and TFSA account types in the setup phase. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app available on Apple and Google Play. The mobile app makes the enrollment process and also the trading of stocks and ETFs a breeze.

So Is Wealthsimple Trade Legit?

. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management (AUM). This company has been expanding for more than 7 years and also now employs over 600 Canadians. The main shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage operating in Canada.

How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to deposit to your account. Simply connect the app to a chequing or savings account to your Trade account, and then add funds to your account in simply a few steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can also be moved to your chequing or savings accounts using the same steps.

Which Additional Benefits and Products Are Available?

Wealthsimple Cash – An alternative to E-Transfers which allow you to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax year and submit your taxes online free. It’s advertised as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows one to get 1% cashback on all your purchases, as well as earn a competitive 1.5% interest rate on savings.

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

All of the above features, along with Wealthsimple Trade may be found inside the mobile app or on their website with a single login.

How Can I Start With Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you’ll get the equivalent cash value of a stock worth $25 up to $4,500 CAD when you deposit to your account.

What if I Still Have Questions About How Safe Is Wealthsimple?

If this review didn’t answered each of your questions, and you’re browsing for further info relating to How Safe Is Wealthsimple, go to the Wealthsimple website to find answers to all your questions.