Wealthsimple Review 2022: Pros And Cons Of Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees. 

A leading Canadian online financial services business launched in Autumn twenty fourteen exclusively as a robo advisor trading platform named Wealthsimple Invest, it has evolved considerably over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets consumers to trade both single stocks and ETFs without paying fees. The exception is when you’re trading stocks that are denominated in USD currency. In this case, they do charge a currency conversion fee both when buying and selling. However, gone are the times of paying Upwards of $7 per each trade with digital discount brokerages as was expected just a couple years past.

Exactly How Much Cash Will I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is awesome such that they will allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and discount brokerages have sizeable min deposit amounts of 1K-$5,000. This makes it hard for the typical investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has both registered and non-registered account types. One may choose between both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on both IOS and Google Play. The mobile app makes the enrollment phase and also the trading of stocks and ETFs a breeze.

Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion Canadian of Assets Under Management . This company has been operating for more than 7 years and also right now employs more than 600 Canadians. The majority shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.

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

The Wealthsimple Trade smartphone app makes it incredibly easy to add money to a new account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can just as easily be moved back to a chequing or savings account by the same process.

Which Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac E-Transfers that allows you to quickly and efficiently send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings product which allows you to earn 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of different courses on saving, investments, crypto, mortgages and much more. 

All of the above products, along with Wealthsimple Trade can be found on the mobile app or on the site with one login.

So How Should I Get Started With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. As an exclusive registration bonus to our readers you will receive the equivalent cash value of a stock worth $25 up to $4,500 CAD when you make an initial deposit to your account.

So What if I Still Have Additional Questions Related to Pros And Cons Of Wealthsimple?

If this blog post still hasn’t given you the answers to each of your questions, and you’re still searching for additional facts relating to Pros And Cons Of Wealthsimple, check out the Wealthsimple site to get answers to every one of your questions.