Wealthsimple Review 2022: Opening A Tfsa With Wealthsimple

What is Wealthsimple?

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

A fintech business founded in Autumn 2014 exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has changed significantly over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets consumers to trade stand alone stocks and also ETFs without needing to pay any commissions. The exception is when you’re trading stocks that are denominated in US Dollars. In that case, they charge a currency conversion fee both when buying and selling. But, past us are the times of having to pay $7-12 per trade with online discount brokerages as was the norm just a few years past.

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

Wealthsimple is unique such that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have large minimum deposit amounts of $1000-5K. This makes it hard for the everyday investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One are free to choose both RRSP and TFSA account types in the setup phase. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app offered to download on IOS and also Google Play. The app makes the enrollment phase and also the trading of stocks and ETFs super easy.

So Is Wealthsimple Trade Secure?

Most definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). they’ve been operating for more than 7 years and also employs about 600 Canadians. The main owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.

How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it simple to fund an account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in only a few steps. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can the same way can be moved back to your chequing or savings account with the exact same process.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – An alternative to Interac E-Transfers that allows anyone to quickly and easily transfer money to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid visa and savings product that lets you to earn 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a variety of online courses on topics like saving, investments, crypto, mortgages and much more. 

All of the listed features, along with Wealthsimple Trade can be accessed within the mobile app or at the site with one login.

But How Can I Get Started Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the cash value of a stock worth $25 up to $4,500 Canadian when you add funds to your account.

But What if I Still Have Additional Questions Concerning Opening A Tfsa With Wealthsimple?

If this review didn’t answered each of your questions, and you’re looking for further specific facts about Opening A Tfsa With Wealthsimple, visit the Wealthsimple website to find answers to all your questions.