Wealthsimple Review 2022: Tfsa Wealthsimple Trade

What Exactly is Wealthsimple?

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

A online financial services business founded in Autumn 2014 exclusively as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved significantly over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets consumers trade stand alone stocks and also ETFs without paying any fees. The exception is when trading ETFs and stocks which are listed in USD. In that case, they will charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay more than $7 per trade with digital discount brokerages as was the norm just a few years past.

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

Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable initial deposit amounts of $1000-$5000. This makes it difficult for the common new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

Yes. Wealthsimple Trade has available registered and non-CRA-registered account types. One are free to select both RRSP and TFSA account types in 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 app makes the enrollment steps and the trading of stocks and ETFs very easy.

Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). they’ve been operating for more than 7 years and also currently employs more than 600 Canadians. The majority owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to fund a new account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can just as easily be withdrawn your chequing or savings accounts with the exact same steps.

What Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-transfers which allow you to quickly and efficiently send money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to recieve 1% cashback on all your purchases, and also get a competitive 1.5% interest rate on savings.

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

All of the above products, along with Wealthsimple Trade can be found in the app and at the website with your Wealthsimple login.

But How Should I Get Started With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 CAD once you make an initial deposit to your account.

So What if I Still Have Questions About Tfsa Wealthsimple Trade?

If this review still hasn’t answered all of your questions, and you’re browsing for more facts relating to Tfsa Wealthsimple Trade, visit the Wealthsimple site to find answers to all your questions.