Wealthsimple Review 2022: Wealthsimple 860 Richmond Street West

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, stock plus crypto trading app that differentiates itself from other apps by charging no fees. 

A Toronto, Ontario based fintech company launched in Autumn 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown considerably over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade stand alone stocks and also ETFs without having to pay any fees. The exception to this is when trading securities that are listed in USD. In which case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay more than $7 per trade with discount brokerages as was expected just a few years past.

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

Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large min deposit amounts of $1000-$5000. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

It does. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA accounts during the setup process. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a well designed mobile app that is available to download on Apple and also Android. The app makes the registration process and the trading of stocks and ETFs very easy.

So Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD of Assets Under Management . they’ve been doing business for more than 7 years and employs over 600 folks. The primary owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

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

The Wealthsimple Trade smartphone app makes it quite easy to add money to your account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts by the same method.

Which Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to e-Transfers that allows you to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online free. It’s pitched as easy, accurate and always free tax return filing.

Wealthsimple Spend – A combination pre paid visa and savings product that lets you to earn 1% cashback on your purchases, and also earn a competitive 1.5% interest on savings.

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

Each of the listed features, including Wealthsimple Trade can be accessed on the mobile app and on the website with one login.

But How do I Begin Using Wealthsimple Trade?

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

But What if I Still Have Additional Questions Concerning Wealthsimple 860 Richmond Street West?

If this article didn’t answered each of your questions, and you’re browsing for additional facts about Wealthsimple 860 Richmond Street West, go to the Wealthsimple website for answers to all your questions.