Wealthsimple Review 2022: Personal Vs Tfsa Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based Financial, stock and crypto trading app that sets itself apart from its competitors by charging no fees. 

A Toronto, Ontario based fintech company founded in the Autumn 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved significantly over the previous 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and ETFs without paying fees. The exception is when you’re trading stocks which are listed in USD currency. In which case, they charge a currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 per each trade with digital discount brokerages as was common only a few years past.

How Much Money do I Need to Start on Wealthsimple Trade?

Wealthsimple is awesome in that they allow new customers to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable minimum deposit amounts of 1K-$5000. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

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

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app offered to download on IOS and Android. The mobile app makes the signup process and also the trading of stocks and ETFs incredibly simple.

But Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and also right now employs more than 600 people. The main owner is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.

But How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly easy to fund a new account. Just connect to a chequing or savings account with your Trade account, and fund your account in simply a couple of steps. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can also be moved to a chequing or savings accounts with the same method.

Which Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac e-Transfers which allow anyone to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for tax season and submit your tax return online free. It’s advertised to be simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings account that lets one to get 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of different courses on saving, investing, crypto, home buying and more. 

All of the listed features, along with Wealthsimple Trade can be accessed in the app and on their site with one login.

How do I Start Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. As an exclusive registration bonus for our audience you will get the cash value of a random share worth $25 up to $4,500 CAD when you add funds to your account.

What if I Still Have Additional Questions About Personal Vs Tfsa Wealthsimple?

If this review hasn’t given you the answers to each of your questions, and you’re browsing for additional specific info about Personal Vs Tfsa Wealthsimple, check out the Wealthsimple website to get answers to each your questions.