Wealthsimple Review 2022: Robo Advisor Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading app that differentiates itself from similar apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services business founded in the Fall 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has improved substantially over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and ETFs without needing to pay commissions. The exception is when trading stocks that are listed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay more than $7 for each trade with online discount brokerages as was expected only a couple years past.

How Much Money Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large initial deposit amounts of 1k-$5000. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has available both CRA registered and non-registered account types. One are able to select between both RRSP and TFSA account types during the setup phase. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a convenient mobile app available to download on both iOS and also Google Play. The app makes the enrollment steps and the trading of stocks and ETFs incredibly painless.

Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD in Assets Under Management . They have been in business for more than 7 years and currently employs over 600 people. The main owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.

How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite straight forward to add money to your account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in just a few steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can just as easily be moved to a chequing or savings account using the same process.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac E-transfers that allows you to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax season and file your tax return online for free. It’s pitched as easy, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account that lets one to earn 1% cashback on all your purchases, and also earn a competitive 1.5% interest rate on savings.

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

All of the mentioned features, including Wealthsimple Trade may be found on the app and on the site with your Wealthsimple login.

How do I Get Started With Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you’ll receive the cash value of a Canadian stock valued at $25 up to $4,500 Canadian once you add funds to your account.

So What if I Still Have Additional Questions Related to Robo Advisor Wealthsimple?

If this article still hasn’t answered each of your questions, and you’re looking for more information relating to Robo Advisor Wealthsimple, check out the Wealthsimple site to find answers to every one of your questions.