Wealthsimple Review 2022: Understanding Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital Financial, securities and crypto trading web app that distinguishes itself from similar apps by charging no fees. 

A fintech company launched in the Fall 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved substantially over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows Canadian investors to trade both stand alone stocks and ETFs without having to pay fees. The exception to this is when trading securities which are denominated in USD currency. In this case, they charge a small currency conversion fee both when buying and selling. But, past us are the days of having to pay $7-12 per each trade with discount brokerages as was the norm just a couple years ago.

How Much Cash do I Need to Have in Order to Begin Investing With Wealthsimple Trade?

Wealthsimple is awesome in that they allow investors to make a minimum deposit of only $1. Many alternative banks and brokerages have large min deposit amounts of 1k-5k. This makes it difficult for the every day new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

It does. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You may select between both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app that is offered to download on IOS and Google Play. The mobile app makes the enrollment steps and also trading of stocks and ETFs super painless.

So Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management . These folks have been doing business for more than 7 years and also now employs over 600 Canadians. The controlling shareholder is the admired publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it straight forward to add funds to your new account. Simply connect to a chequing or savings account with your Trade account, and fund your account in just a couple of clicks. Deposits from banks to Wealthsimple normally take only a few days. Funds can also be moved back to a chequing or savings accounts by the exact same process.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to Interac E-transfers which allows one to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax year and file your taxes online free. It’s described as easy, accurate and always free tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings product that allows one to get 1% cashback on your everyday purchases, as well as get a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of different online courses on different topics such as saving, investments, crypto, real estate and much more. 

Each of the mentioned features, including Wealthsimple Trade may be found inside the app or from their site with one login.

So How Can I Start Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you’ll get the equivalent cash value of a random share valued at up to $4,500 CAD as soon as you fund your account.

But What if I Still Have Additional Questions Related to Understanding Wealthsimple?

If this blog post still hasn’t given you the answers to each of your questions, and you’re browsing for further answers relating to Understanding Wealthsimple, visit the Wealthsimple site to get answers to every one of your questions.