Wealthsimple Review 2022: Losing Money On Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stock plus crypto trading platform that sets itself apart from similar apps by charging absolutely no fees. 

A online financial services business launched in Fall of 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has evolved substantially over the previous 8 years to also include Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without needing to pay any commissions. The exception is when you’re trading ETFs and stocks that are listed in US Dollars. In that case, they will charge a small currency conversion fee when buying and selling. However, gone are the times of paying more than $7 for each trade with discount brokerages as was the norm just a few years past.

Exactly How Much Money do I Need to Get Started on Wealthsimple Trade?

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

So Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has CRA registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA account types in the setup process. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app that is available on iOS and Android. The mobile app makes the enrollment process and also trading of stocks and ETFs very simple.

But Is Wealthsimple Trade Safe?

Definitely. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . they’ve been operating for more than 7 years and currently employs roughly 600 people. The primary owner is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.

How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly simple to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in only a couple of clicks. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be moved to your chequing or savings accounts through the exact same method.

Which Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac e-transfers that allow one to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for this tax year and submit your tax return online for free. It’s advertised to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid pre paid visa and savings account which lets one to get 1% cashback on all your purchases, and also earn a very competitive 1.5% interest on savings.

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

Each of the mentioned products, along with Wealthsimple Trade may be found on the app or on the site with your Wealthsimple login.

How do I Begin Using Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. For a special registration bonus for our audience you will get the cash value of a random stock valued at up to $4,500 CAD once you fund your account.

What if I Still Have Additional Questions Concerning Losing Money On Wealthsimple?

If this blog post hasn’t answered all of your questions, and you’re still searching for further facts relating to Losing Money On Wealthsimple, check out the Wealthsimple site to get answers to all your questions.