Wealthsimple Review 2022: Koho Vs Wealthsimple Cash

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based Financial, stock plus crypto trading app that sets itself apart from its competitors by charging absolutely no fees. 

A leading Canadian online financial services business founded in Fall twenty fourteen originally as a robo advisor algorithmic trading app named Wealthsimple Invest, it has improved substantially over the last eight years to include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian investors to trade both individual stocks and ETFs without needing to pay any fees. The exception to this is when trading securities which are displayed in USD currency. In that case, they do charge a small currency conversion fee when buying and selling. But, behind us are the times of paying Upwards of $7 per each trade with digital discount brokerages as was the case just a few years ago.

How Much Cash do I Need to Begin Investing With Wealthsimple Trade?

Wealthsimple is special such that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large min deposit amounts of 1K-5k. This makes it tough for the common new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have TFSA Accounts?

They do. Wealthsimple Trade offers both CRA registered and non-registered accounts. One may choose both RRSP and TFSA accounts during the setup wizard. 

So 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 Google Play. The smartphone app makes the registration phase and also the trading of stocks and ETFs incredibly painless.

Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD in Assets Under Management . This company has been doing business for more than 7 years and also at this time employs about 600 people. The majority shareholder is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.

So How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so straight forward to add funds to your account. Just connect a chequing or savings account to your Trade account, then fund your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can also be moved to a chequing or savings accounts with the same steps.

What Other Benefits and Products Are Available?

Wealthsimple Cash – This is equivalent to e-Transfers which allows you to quickly and simply send cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets you to earn 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of courses on saving, investments, crypto, real estate and much more. 

All of the mentioned products, including Wealthsimple Trade may be accessed within the app and at their site with one login.

How Can I Get Started Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. For an exclusive signup bonus offer for our audience you’ll receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you add funds to your account.

What if I Still Have Additional Questions Related to Koho Vs Wealthsimple Cash?

If this review still hasn’t answered each of your questions, and you’re still browsing for more facts about Koho Vs Wealthsimple Cash, check out the Wealthsimple website to get answers to every one of your questions.