Wealthsimple Review 2022: Wealthsimple 5 Cash Back

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading platform that differentiates itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services company founded in the Fall of 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has changed significantly over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows consumers to trade individual stocks and also ETFs without paying fees. The exception to this is when you’re trading securities that are displayed in US Dollars. In which case, they charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of paying more than $7 for each trade with digital discount brokerages as was the case a few years ago.

Exactly How Much Money do I Need to Have to Begin Investing With Wealthsimple Trade?

Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large initial deposit amounts of 1k-5k. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

It does. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. One can choose both RRSP and TFSA accounts during the setup phase. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app that is offered on IOS and Android. The mobile app makes the registration process and the trading of stocks and ETFs a breeze.

So Is Wealthsimple Trade Secure?

Most definitely. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management . They have been expanding for more than 7 years and also currently employs about 600 Canadians. The controlling owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it quite easy to deposit to your new account. Simply connect the app to a chequing or savings account to your Trade account, and then fund your account in simply a few clicks. Deposits from your bank to Wealthsimple typically take just a few days. Funds can just as easily be moved back to a chequing or savings account using the exact same steps.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac e-transfers that allow anyone to quickly and efficiently send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account that lets you to earn 1% cashback on all your purchases, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of courses on saving, investing, crypto, home buying and much more. 

All of the above features, along with Wealthsimple Trade may be found within the mobile app and on the site with your Wealthsimple login.

But How Should I Get Started Using Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As a special registration bonus offer for our readers you’ll get the equivalent cash value of a stock worth up to $4,500 Canadian when you deposit to your account.

So What if I Still Have Additional Questions Related to Wealthsimple 5 Cash Back?

If this article didn’t answered each of your questions, and you’re still searching for additional specific info about Wealthsimple 5 Cash Back, check out the Wealthsimple website to get answers to each your questions.