Wealthsimple Review 2022: Understanding Wealthsimple Trade

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, stocks plus crypto trading app that distinguishes itself from its competitors by charging no fees. 

A Toronto, Ontario based online financial services business launched in Autumn of 2014 originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown substantially over the previous 8 years to feature Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets investors trade both single stocks and ETFs without having to pay commissions. The exception to this is when trading securities that are listed in USD currency. In that case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the days of paying more than $7 per each trade with online discount brokerages as was expected a couple years ago.

Exactly How Much in Funds Will I Need to Start Investing on 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 quite large min deposit amounts of $1,000-$5000. This makes it difficult for the typical investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

Yes. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One can choose between both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is offered on IOS and Android. The app makes the registration phase and also the trading of stocks and ETFs very easy.

Is Wealthsimple Trade Secure?

For sure. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and now employs more than 600 folks. The main owner is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.

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

The Wealthsimple Trade smartphone app makes it simple to add money to your account. Simply connect a chequing or savings account with your Trade account, and add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can also be moved to your chequing or savings account with the exact same steps.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac E-transfers that allow one to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online free. It’s pitched as easy, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings product that allows you to get 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.

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

Every one of the above features, including Wealthsimple Trade can be found in the mobile app or at their site with your Wealthsimple login.

How Should I Get Started With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll receive the cash value of a share valued at up to $4,500 CAD as soon as you make an initial deposit to your account.

What if I Still Have Questions About Understanding Wealthsimple Trade?

If this blog post hasn’t given you the answers to each of your questions, and you’re still browsing for further info relating to Understanding Wealthsimple Trade, visit the Wealthsimple website to find answers to each your questions.