Wealthsimple Review 2022: Wealthsimple 101

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading platform that differentiates itself from other apps by charging no fees. 

A fintech company launched in Fall twenty fourteen exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the past 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and ETFs without paying fees. The exception to this is when trading stocks and ETFs that are displayed in USD. In that case, they charge a currency conversion fee both when buying and selling. But, past us are the days of having to pay Upwards of $7 per each trade with online discount brokerages as was normal a couple years ago.

Exactly How Much Money do I Need to Have in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool such that they will allow new customers to make a minimum deposit of just $1. Most alternative banks and discount brokerages have sizeable minimum deposit amounts of $1000-5k. This makes it tough for the normal investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer Registered Accounts?

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

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app that is available on Apple and also Android. The app makes the signup phase and also the trading of stocks and ETFs super painless.

But Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and at this time employs over 600 people. The controlling owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the 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 so simple to fund a new account. Just connect a chequing or savings account to your Trade account, then fund your account in only a few steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can just as easily be moved back to your chequing or savings accounts with the exact same process.

What Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to e-Transfers which allow one to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for tax year and file your tax return online free. It’s advertised to be simple, accurate and always free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings product that allows one to earn 1% cashback on your purchases, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of different online courses on different topics such as saving, investing, crypto, home buying and more. 

Each of the above products, including Wealthsimple Trade can be found in the app or at the website with a single login.

So How Should I Get Started Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. For a special signup bonus offer to our audience you’ll get the cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.

But What if I Still Have Questions Concerning Wealthsimple 101?

If this blog post still hasn’t answered each of your questions, and you’re searching for further specific facts relating to Wealthsimple 101, check out the Wealthsimple site for answers to all your questions.