Wealthsimple Review 2022: Reddit Wealthsimple Trade

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading platform that sets itself apart from similar apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services company founded in the Fall of 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has grown significantly over the previous eight years to also include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without needing to pay any commissions. The exception is when trading stocks that are displayed in US Dollars. In this case, they charge a small currency conversion fee when buying and selling. But, past us are the days of paying Upwards of $7 per each trade with discount brokerages as was the case only a couple years past.

Exactly How Much Money do I Need in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have quite large minimum deposit amounts of 1K-$5,000. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

Of course. Wealthsimple Trade has available both CRA registered and non-registered accounts. You can select both RRSP and TFSA accounts in the setup process. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app available on iOS and Android. The mobile app makes the registration steps and the trading of stocks and ETFs super simple.

Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . These folks have been doing business for more than 7 years and also at this time employs roughly 600 folks. The main shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.

But How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly easy to add money to your new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can just as easily be withdrawn your chequing or savings account through the same process.

Which Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An alternative to Interac e-transfers that allows you to quickly and efficiently transfer money to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid visa and savings account which allows you to get 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of online courses on topics like saving, investing, crypto, mortgages and more. 

Each of the mentioned features, including Wealthsimple Trade can be accessed on the app and on their site with a single login.

How do I Begin With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As an exclusive signup bonus for our readers you will get the cash value of a random stock worth up to $4,500 Canadian as soon as you add funds to your account.

What if I Still Have Additional Questions About Reddit Wealthsimple Trade?

If this review didn’t answered all of your questions, and you’re browsing for additional answers relating to Reddit Wealthsimple Trade, visit the Wealthsimple site to find answers to every one of your questions.