Wealthsimple Review 2022: Using Wealthsimple For Crypto

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading platform that distinguishes itself from the competition by charging absolutely no fees. 

A online financial services business founded in Autumn twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has grown considerably over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors to trade both individual stocks and ETFs without having to pay any commissions. The exception is when you’re trading ETFs and stocks that are denominated in USD currency. In that case, they will charge a small currency conversion fee both when buying and selling. However, behind us are the times of paying more than $7 for each trade with discount brokerages as was normal just a couple years ago.

How Much Cash do I Need to Start With Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of 1K-$5000. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

It does. Wealthsimple Trade has available registered and non-CRA-registered accounts. One are able to select both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app available to download on both Apple and also Android. The mobile app makes the signup phase and also trading of stocks and ETFs truly simple.

Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion Canadian of Assets Under Management . They have been in business for more than 7 years and also now employs over 600 Canadians. The majority owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.

But How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly simple to add funds to your account. Just connect a chequing or savings account to your Trade account, then add money to your account in simply a few steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can also be moved to your chequing or savings accounts with the exact same process.

What Other Benefits and Products Are Available?

Wealthsimple Cash – An equivalent to e-Transfers that allows one to quickly and easily transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax season and file your taxes online free. It’s advertised to be easy, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination prepaid visa and savings product that lets you to get 1% cashback on your spending, and also get a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of different online courses on saving, investments, crypto, mortgages and much more. 

All of the above products, along with Wealthsimple Trade can be accessed inside the mobile app or on the website with one login.

But How Can I Get Started Using Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As a special signup bonus to our readers you will receive the cash value of a Canadian stock worth up to $4,500 CAD as soon as you deposit to your account.

So What if I Still Have Additional Questions Related to Using Wealthsimple For Crypto?

If this review hasn’t answered all of your questions, and you’re browsing for additional answers relating to Using Wealthsimple For Crypto, go to the Wealthsimple website to get answers to each your questions.