Wealthsimple Review 2022: Kraken Vs Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based Financial, stocks plus crypto trading platform that differentiates itself from its competitors by charging absolutely no fees. 

A leading Canadian fintech business founded in Autumn of twenty fourteen originally as a robo advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the past eight years to include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors trade both individual stocks and ETFs without paying any commissions. The exception is when trading ETFs and stocks which are listed in USD currency. In that case, they will charge a currency conversion fee when buying and selling. However, behind us are the times of paying Upwards of $7 for each trade with digital discount brokerages as was normal only a couple years past.

How Much Cash Will I Need to Have to Get Started on Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it hard for the typical new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer RRSP Accounts?

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

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app available on iOS and Android. The app makes the enrollment process and the trading of stocks and ETFs truly easy.

But Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). they’ve been operating for more than 7 years and also right now employs more than 600 people. The main shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.

How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so simple to deposit to a new account. Simply connect a chequing or savings account with your Trade account, and then add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can just as easily be moved back to your chequing or savings account with the exact same steps.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to E-Transfers that allows one to quickly and simply send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax season and file your taxes online free. It’s described to be easy, accurate and always free tax return filing.

Wealthsimple Spend – A combination pre paid visa and savings product that lets one to get 1% cashback on all your spending, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a variety of different online courses on saving, investing, crypto, mortgages and more. 

Every one of the listed products, including Wealthsimple Trade can be accessed on the mobile app and at the site with your Wealthsimple login.

How do I Get Started Using Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus to our audience you’ll get the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 Canadian once you add funds to your account.

So What if I Still Have Questions Concerning Kraken Vs Wealthsimple?

If this review still hasn’t answered all of your questions, and you’re still browsing for more info relating to Kraken Vs Wealthsimple, check out the Wealthsimple site to get answers to every one of your questions.