Wealthsimple Review 2022: Moka Vs Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, stocks and crypto trading platform that differentiates itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services company launched in Fall 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved substantially over the past 8 years to include Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors trade individual stocks and ETFs without paying fees. The exception is when you’re trading securities which are listed in USD currency. In that case, they do charge a nominal currency conversion fee when buying and selling. But, past us are the days of paying Upwards of $7 for each trade with online discount brokerages as was normal just a few years past.

How Much Money Will I Need in Order to Start on Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable minimum deposit amounts of $1,000-$5,000. This makes it hard for the common new investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

Yes. Wealthsimple Trade has both registered and non-registered accounts. One are able to choose between both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app that is offered on IOS and also Android. The app makes the registration process and trading of stocks and ETFs very easy.

Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). This company has been in business for more than 7 years and at this time employs roughly 600 Canadians. The majority shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage operating in Canada.

How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly straight forward to deposit to your account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take a couple of days. Funds can the same way can be moved back to your chequing or savings accounts using the same steps.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to E-Transfers which allow one to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and submit your taxes online free. It’s advertised as simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid pre paid visa and savings product that allows you to earn 1% cashback on all your purchases, as well as get a very competitive 1.5% interest on savings.

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

Each of the above features, including Wealthsimple Trade can be found on the app or from their website with your Wealthsimple login.

How Should I Get Started Using Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will get the equivalent cash value of a share worth up to $4,500 Canadian as soon as you make an initial deposit to your account.

What if I Still Have Questions About Moka Vs Wealthsimple?

If this blog post still hasn’t answered all of your questions, and you’re browsing for more information relating to Moka Vs Wealthsimple, go to the Wealthsimple site to find answers to every one of your questions.