Wealthsimple Review 2022: Wealthsimple Alternatives Canada

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, securities and crypto trading app that differentiates itself from its competitors by charging no fees. 

A Toronto, Ontario based online financial services company launched in the Autumn 2014 exclusively as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows consumers trade both individual stocks and also ETFs without needing to pay any fees. The exception is when trading stocks which are listed in USD. In that case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the times of paying Upwards of $7 per each trade with digital discount brokerages as was expected only a couple years past.

How Much in Funds Will I Need to Have in Order to Start on Wealthsimple Trade?

Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and brokerages have sizeable initial deposit amounts of $1,000-5k. This makes it difficult for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You can select both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app available to download on IOS and also Android. The smartphone app makes the registration process and trading of stocks and ETFs simple.

Is Wealthsimple Trade Secure?

. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and also at this time employs over 600 Canadians. The controlling owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.

So How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so simple to add funds to an account. Simply connect to a chequing or savings account to your Trade account, and then add money to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take only a few days. Funds can just as easily be withdrawn your chequing or savings account with the same method.

What Other Benefits and Products Are Available?

Wealthsimple Cash – This is alternative to Interac e-transfers which allows one to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for tax year and file your taxes online free. It’s pitched as simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account that allows you to recieve 1% cashback on all your everyday purchases, and also earn a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of online courses on saving, investments, crypto, home buying and more. 

All of the above products, along with Wealthsimple Trade can be found on the mobile app or from the website with a single login.

How Can I Start Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special registration bonus to our readers you’ll get the equivalent cash value of a share valued at $25 up to $4,500 CAD when you deposit to your account.

But What if I Still Have Questions Concerning Wealthsimple Alternatives Canada?

If this blog post hasn’t answered each of your questions, and you’re browsing for further specific answers relating to Wealthsimple Alternatives Canada, check out the Wealthsimple website to get answers to each your questions.