Wealthsimple Review 2022: Mutual Funds Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading platform that sets itself apart from similar apps by charging no fees. 

A online financial services business launched in the Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved considerably over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian investors trade both single stocks and ETFs without paying any fees. The exception is when trading ETFs and stocks which are denominated in USD currency. In which case, they do charge a nominal currency conversion fee both when buying and selling. However, gone are the days of having to pay $7-12 per trade with online discount brokerages as was the norm a few years ago.

How Much Cash Will I Need to Have to Start Investing With Wealthsimple Trade?

Wealthsimple is unique such that they will allow investors to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large min deposit amounts of 1k-5k. This makes it difficult for the every day new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade has both CRA registered and non-registered account types. One can choose both RRSP and TFSA account types in the setup phase. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on both Apple and also Android. The smartphone app makes the registration steps and also trading of stocks and ETFs super painless.

So Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . These folks have been operating for more than 7 years and also employs about 600 folks. The controlling shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.

How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so easy to deposit to your new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can also be withdrawn your chequing or savings account by using the same process.

What Additional Benefits and Products Are Available?

Wealthsimple Cash – An equivalent to Interac E-Transfers that allows anyone to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your tax return online for free. It’s pitched as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings product which lets you to get 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.

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

Every one of the listed products, along with Wealthsimple Trade may be found within the mobile app or on the site with one login.

But How do I Get Started With Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus offer to our audience you’ll receive the cash value of a share worth $25 up to $4,500 Canadian once you add funds to your account.

What if I Still Have Questions Related to Mutual Funds Wealthsimple?

If this blog post didn’t answered each of your questions, and you’re searching for additional info about Mutual Funds Wealthsimple, check out the Wealthsimple site for answers to every one of your questions.