Wealthsimple Review 2022: Is Wealthsimple Good For Beginners

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading platform that differentiates itself from similar apps by charging absolutely no fees. 

A fintech business founded in Fall of 2014 originally as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed significantly over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and ETFs without having to pay any fees. The exception to this is when trading securities which are listed in USD currency. In which case, they do charge a small currency conversion fee when buying and selling. But, past us are the days of having to pay Upwards of $7 per trade with digital discount brokerages as was the norm just a few years ago.

Exactly How Much in Funds do I Need to Have to Start With Wealthsimple Trade?

Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have large min deposit amounts of 1K-$5,000. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade has available both CRA registered and non-registered accounts. One are free to select both RRSP and TFSA accounts in the setup phase. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app that is offered to download on iOS and also Android. The smartphone app makes the registration phase and also trading of stocks and ETFs super a breeze.

Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD of Assets Under Management . These folks have been expanding for more than 7 years and right now employs more than 600 folks. The main owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.

How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to add funds to your account. Simply connect to a chequing or savings account with your Trade account, and then fund your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can also be moved to your chequing or savings accounts with the exact same method.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to E-Transfers that allow anyone to quickly and easily transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online for free. It’s described to be easy, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account that lets one to get 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.

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

Each of the above products, along with Wealthsimple Trade can be found within the mobile app and on their site with a single login.

So How do I Get Started With Wealthsimple Trade?

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

What if I Still Have Additional Questions Concerning Is Wealthsimple Good For Beginners?

If this blog post hasn’t answered each of your questions, and you’re still looking for further information relating to Is Wealthsimple Good For Beginners, go to the Wealthsimple site to find answers to all your questions.