Wealthsimple Review 2022: Wealthsimple Alternatives

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities and crypto trading app that sets itself apart from the competition by charging no fees. 

A Toronto, Ontario based online financial services company founded in the Fall of 2014 originally as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved significantly over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian investors trade stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks which are displayed in US Dollars. In that case, they will charge a small currency conversion fee both when buying and selling. However, behind us are the days of having to pay Upwards of $7 per trade with discount brokerages as was normal a few years past.

How Much Cash Will I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is special in that they allow investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable minimum deposit amounts of 1K-$5000. This makes it hard for the common investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade has both registered and non-CRA-registered accounts. One are free to choose both RRSP and TFSA accounts during the setup wizard. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app that is available on Apple and Google Play. The mobile app makes the signup phase and also trading of stocks and ETFs truly easy.

Is Wealthsimple Trade Safe?

Of course. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD in Assets Under Management . They have been doing business for more than 7 years and also now employs about 600 folks. The majority shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.

How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very simple to add money to a new account. Simply connect to a chequing or savings account to your Trade account, then fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can the same way can be moved back to a chequing or savings accounts with the same steps.

Which Additional Features and Products Are Available?

Wealthsimple Cash – This is alternative to e-transfers which allows anyone to quickly and simply transfer money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account which allows you to recieve 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a variety of different courses on topics like saving, investments, crypto, mortgages and more. 

All of the above features, including Wealthsimple Trade may be accessed inside the app or from their website with a single login.

But How Can I Get Started With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As a special signup bonus to our audience you’ll receive the equivalent cash value of a stock valued at $25 up to $4,500 CAD when you make an initial deposit to your account.

What if I Still Have Questions About Wealthsimple Alternatives?

If this review hasn’t given you the answers to all of your questions, and you’re still looking for further info about Wealthsimple Alternatives, check out the Wealthsimple site to get answers to every one of your questions.