Wealthsimple Review 2022: How To Invest With Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online investing, securities and crypto trading app that differentiates itself from other apps by charging no fees. 

A Toronto, Ontario based online financial services company launched in Fall of 2014 exclusively as a robo-advisor trading platform named Wealthsimple Invest, it has evolved significantly over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian investors trade both stand alone stocks and also ETFs without having to pay commissions. The exception is when you’re trading stocks which are denominated in US Dollars. In this case, they charge a nominal currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per trade with discount brokerages as was common just a few years past.

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

Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large min deposit amounts of 1K-5K. This makes it hard for the typical new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade has available registered and non-registered account types. One are able to select between both RRSP and TFSA accounts in the setup process. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is available on Apple and Android. The app makes the signup phase and trading of stocks and ETFs super painless.

So Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also employs over 600 folks. The main shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.

But How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to add funds to your new account. Simply connect a chequing or savings account with your Trade account, and fund your account in simply a few clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be withdrawn a chequing or savings accounts by the exact same steps.

Which Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to Interac E-transfers which allow anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for this tax year and submit your tax return online for free. It’s described as simple, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account that lets you to earn 1% cashback on all your purchases, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a ton of courses on saving, investing, crypto, mortgages and much more. 

Every one of the listed products, including Wealthsimple Trade can be accessed inside the app or on the site with a single login.

But How Should I Begin Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As an exclusive signup bonus to our audience you’ll get the equivalent cash value of a share valued at $25 up to $4,500 Canadian when you make an initial deposit to your account.

But What if I Still Have Additional Questions Concerning How To Invest With Wealthsimple?

If this article still hasn’t given you the answers to all of your questions, and you’re still searching for further info about How To Invest With Wealthsimple, visit the Wealthsimple site to find answers to all your questions.