Wealthsimple Review 2022: Virtual Wealth Vs Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, securities plus crypto trading platform that distinguishes itself from its competitors by charging no fees. 

A Toronto, Ontario based fintech company founded in the Autumn 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the previous 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets investors to trade both individual stocks and also ETFs without paying any commissions. The exception to this is when you’re trading securities which are displayed in USD currency. In that case, they do charge a small currency conversion fee when buying and selling. But, past us are the times of paying more than $7 for each trade with digital discount brokerages as was normal just a couple years past.

Exactly How Much Cash do I Need in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large min deposit amounts of 1K-5k. This makes it tough for the normal investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer RRSP Accounts?

Of course. Wealthsimple Trade has available both CRA registered and non-CRA-registered account types. You may choose both RRSP and TFSA account types in the setup process. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a well designed mobile app that is available on IOS and also Google Play. The smartphone app makes the signup phase and trading of stocks and ETFs very easy.

So Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and also now employs about 600 people. The majority shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.

How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very simple to deposit to your new account. Just connect to a chequing or savings account with your Trade account, and then fund your account in only a few clicks. Deposits from banks to Wealthsimple typically take a few days. Funds can just as easily be moved back to your chequing or savings accounts through the same process.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – An alternative to e-transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to earn 1% cashback on your purchases, and also get a competitive 1.5% interest rate on savings.

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

All of the listed features, including Wealthsimple Trade may be found within the mobile app and from the site with your Wealthsimple login.

How Can I Begin Using Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus for our readers you will get the cash value of a random stock worth up to $4,500 Canadian as soon as you make an initial deposit to your account.

So What if I Still Have Additional Questions About Virtual Wealth Vs Wealthsimple?

If this article hasn’t answered each of your questions, and you’re still browsing for further facts relating to Virtual Wealth Vs Wealthsimple, visit the Wealthsimple website for answers to all your questions.