Wealthsimple Review 2022: Using Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, securities and crypto trading web app that sets itself apart from similar apps by charging no fees. 

A Toronto, Ontario based online financial services business launched in Autumn twenty fourteen originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian consumers trade both individual stocks and also ETFs without having to pay fees. The exception is when trading securities which are listed in US Dollars. In this case, they do charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying more than $7 per trade with online discount brokerages as was the case only a couple years past.

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

Wealthsimple is cool in that they will allow investors to make a minimum deposit of only $1. Most traditional banks and brokerages have large minimum deposit amounts of 1K-5k. This makes it impossible for the common investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

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

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app offered to download on Apple and Android. The app makes the registration process and trading of stocks and ETFs simple.

Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . These folks have been doing business for more than 7 years and employs over 600 people. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.

How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to add money to your new account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can just as easily be moved to your chequing or savings accounts with the exact same method.

Which Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to E-Transfers which allows one to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for this tax season and file your taxes online for free. It’s described as simple, accurate and always free income tax filing.

Wealthsimple Spend – A combination prepaid visa and savings account which lets one to recieve 1% cashback on all 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 includes a bunch of different courses on topics like saving, investments, crypto, home buying and much more. 

Every one of the listed products, along with Wealthsimple Trade may be found in the mobile app or from their website with one login.

But How Should I Start Using Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As a special registration bonus for our audience you will get the cash value of a random share valued at up to $4,500 Canadian when you make an initial deposit to your account.

What if I Still Have Additional Questions Concerning Using Wealthsimple?

If this blog post didn’t answered each of your questions, and you’re still searching for additional specific facts relating to Using Wealthsimple, go to the Wealthsimple site for answers to every one of your questions.