Wealthsimple Review 2022: Newton Vs Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian digital Financial, stock and crypto trading platform that distinguishes itself from other apps by charging absolutely no fees. 

A leading Canadian online financial services business launched in Fall 2014 originally as a robo-advisor trading platform named Wealthsimple Invest, it has evolved considerably over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets Canadian investors to trade individual stocks and ETFs without paying any fees. The exception to this is when you’re trading securities that are displayed in USD currency. In that case, they charge a small currency conversion fee when buying and selling. However, gone are the times of having to pay Upwards of $7 per trade with discount brokerages as was the norm a few years past.

Exactly How Much in Funds Will I Need in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is cool such that they will allow investors to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have large minimum deposit amounts of 1K-5k. This makes it tough for the common investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer TFSA Accounts?

It does. Wealthsimple Trade has both CRA registered and non-registered account types. One are able to select between both RRSP and TFSA accounts in the setup process. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app offered on both IOS and Android. The mobile app makes the enrollment steps and also trading of stocks and ETFs easy.

So Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . This company has been operating for more than 7 years and also now employs about 600 Canadians. The controlling owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.

But How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in just a couple of steps. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can just as easily be moved back to a chequing or savings account with the exact same process.

Which Other Features and Products Are Available?

Wealthsimple Cash – An equivalent to Interac e-transfers which allow you to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax year and file your tax return online free. It’s advertised as simple, accurate and always free tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account that lets you to get 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest rate on savings.

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

All of the listed features, including Wealthsimple Trade may be accessed in the mobile app or on their site with your Wealthsimple login.

But How Should I Begin With Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. For a special signup bonus to our readers you’ll receive the equivalent cash value of a random share valued at $25 up to $4,500 Canadian when you deposit to your account.

But What if I Still Have Questions About Newton Vs Wealthsimple?

If this article didn’t answered each of your questions, and you’re still searching for further specific facts relating to Newton Vs Wealthsimple, go to the Wealthsimple website to get answers to all your questions.