Wealthsimple Review 2022: Lira Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based investing, stock plus crypto trading web app that distinguishes itself from similar apps by charging no fees. 

A Toronto, Ontario based online financial services business founded in the Fall 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows consumers trade both single stocks and ETFs without needing to pay commissions. The exception to this is when you’re trading stocks and ETFs which are listed in USD currency. In that case, they do charge a currency conversion fee when buying and selling. But, behind us are the times of paying $7-12 per trade with online discount brokerages as was the case just a couple years ago.

Exactly How Much in Funds Will I Need to Get Started With Wealthsimple Trade?

Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of $1000-5k. This makes it impossible for the every day investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has available registered and non-CRA-registered accounts. You may select between both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app available to download on Apple and also Android. The mobile app makes the enrollment phase and also the trading of stocks and ETFs easy.

But Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . They have been operating for more than 7 years and also at this time employs more than 600 people. The majority owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage to operate in Canada.

So How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to deposit to a new account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can the same way can be moved back to a chequing or savings accounts through the same method.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to E-transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your taxes online free. It’s described to be simple, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings account that lets one to get 1% cashback on all your purchases, as well as earn a competitive 1.5% interest on savings.

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

Every one of the mentioned products, along with Wealthsimple Trade can be accessed on the app and on the website with one login.

How do I Start Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. As a special signup bonus for our readers you’ll get the equivalent cash value of a random share valued at $25 up to $4,500 Canadian once you fund your account.

But What if I Still Have Additional Questions About Lira Wealthsimple?

If this review hasn’t answered each of your questions, and you’re browsing for additional specific answers relating to Lira Wealthsimple, visit the Wealthsimple site to find answers to every one of your questions.