Wealthsimple Review 2022: Wealthsimple 1 Cash Back

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based Financial, securities plus crypto trading app that distinguishes itself from its competitors by charging no fees. 

A leading Canadian fintech business launched in Fall of 2014 originally as a robo-advisor automated trading app called Wealthsimple Invest, it has changed substantially over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors to trade both individual stocks and ETFs without paying any fees. The exception is when trading securities that are listed in USD currency. In that case, they charge a nominal currency conversion fee both when buying and selling. However, gone are the times of having to pay $7-12 per each trade with digital discount brokerages as was expected just a few years ago.

How Much Money do I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is awesome in that they will allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and brokerages have large minimum deposit amounts of 1k-$5,000. This makes it difficult for the everyday new investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

It does. Wealthsimple Trade has both CRA registered and non-registered account types. You are able to select both RRSP and TFSA account types during the setup phase. 

So Does Wealthsimple Trade Have a Mobile Application?

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

So Is Wealthsimple Trade Secure?

For sure. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . They have been expanding for more than 7 years and also at this time employs roughly 600 folks. The primary shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.

So How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so easy to fund your new account. Just connect the app to a chequing or savings account to your Trade account, and fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can also be moved back to a chequing or savings account through the same process.

What Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to Interac e-transfers that 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 year and submit your tax return online free. It’s pitched to be easy, accurate and always totally free tax filing.

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

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a ton of courses on saving, investing, crypto, real estate and much more. 

All of the listed products, including Wealthsimple Trade can be found on the app and on the website with your Wealthsimple login.

How do I Begin Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As a special registration bonus offer for our readers you’ll receive the equivalent cash value of a random stock valued at up to $4,500 Canadian as soon as you add funds to your account.

So What if I Still Have Additional Questions Related to Wealthsimple 1 Cash Back?

If this review didn’t answered each of your questions, and you’re still looking for further specific answers relating to Wealthsimple 1 Cash Back, check out the Wealthsimple site for answers to each your questions.