Wealthsimple Review 2022: Is Wealthsimple Safe

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, securities plus crypto trading app that sets itself apart from its competitors by charging no fees. 

A Toronto, Ontario based online financial services business founded in Autumn 2014 originally as a robo advisor trading platform named Wealthsimple Invest, it has changed significantly over the last eight years to feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors to trade individual stocks and ETFs without having to pay fees. The exception is when trading stocks which are listed in USD. In this case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the days of having to pay $7-12 per each trade with online discount brokerages as was expected just a couple years ago.

How Much Money Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large initial deposit amounts of 1k-$5000. This makes it hard for the common investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are able to choose both RRSP and TFSA accounts during the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app available to download on both Apple and Android. The mobile app makes the signup phase and trading of stocks and ETFs incredibly simple.

So Is Wealthsimple Trade Secure?

For sure. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and also employs about 600 Canadians. The controlling shareholder is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.

How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to add money to your account. Just connect a chequing or savings account with your Trade account, and add money to your account in simply a few steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be moved to a chequing or savings accounts with the exact same steps.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to e-transfers which allow anyone to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll 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 lets you to earn 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on different topics such as saving, investments, crypto, real estate and much more. 

All of the mentioned features, including Wealthsimple Trade may be accessed in the app or at their site with a single login.

How do I Begin With Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus for our audience you will get the equivalent cash value of a random Canadian stock valued at up to $4,500 CAD as soon as you make an initial deposit to your account.

But What if I Still Have Questions Concerning Is Wealthsimple Safe?

If this review still hasn’t answered each of your questions, and you’re still looking for further specific facts about Is Wealthsimple Safe, go to the Wealthsimple site for answers to every one of your questions.