Wealthsimple Review 2022: Uwmc Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stocks and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees. 

A fintech business founded in the Fall 2014 originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has improved significantly over the previous eight years to include Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets investors to trade individual stocks and ETFs without needing to pay commissions. The exception to this is when trading stocks which are denominated in US Dollars. In that case, they will charge a nominal currency conversion fee when buying and selling. But, gone are the times of paying Upwards of $7 per trade with digital discount brokerages as was common a couple years past.

Exactly How Much Cash do I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is special such that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable minimum deposit amounts of $1,000-5K. This makes it impossible for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

It does. Wealthsimple Trade has both CRA registered and non-CRA-registered accounts. You are free to select between both RRSP and TFSA accounts in the setup phase. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app available to download on iOS and Google Play. The app makes the signup steps and also trading of stocks and ETFs incredibly simple.

But Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). They have been expanding for more than 7 years and right now employs about 600 people. The main owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.

But How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly easy to add funds to a new account. Just connect a chequing or savings account with your Trade account, then add funds to your account in just a couple of clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can the same way can be withdrawn your chequing or savings accounts with the same process.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac E-transfers that allows you to quickly and efficiently transfer money to friends and family in Canada.

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

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

Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of courses on topics like saving, investments, crypto, mortgages and much more. 

Each of the mentioned features, along with Wealthsimple Trade can be found in the app and at their site with a single login.

But How Can I Get Started With Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For a special signup bonus to our readers you will receive the cash value of a random share worth $25 up to $4,500 Canadian when you deposit to your account.

But What if I Still Have Additional Questions About Uwmc Wealthsimple?

If this review still hasn’t given you the answers to each of your questions, and you’re still browsing for further info relating to Uwmc Wealthsimple, check out the Wealthsimple website to find answers to all your questions.