Wealthsimple Review 2022: Wealthsimple Bank

What is Wealthsimple?

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

A Toronto, Ontario based fintech business founded in the Fall of twenty fourteen exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has changed considerably over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian consumers trade stand alone stocks and ETFs without paying fees. The exception is when you’re trading stocks and ETFs that are listed in US Dollars. In that case, they do charge a currency conversion fee both when buying and selling. But, past us are the times of having to pay $7-12 per each trade with digital discount brokerages as was common just a couple years ago.

How Much Cash Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is special in that they will allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have large minimum deposit amounts of 1K-5k. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

Yes. Wealthsimple Trade has available both registered and non-CRA-registered account types. One are able to select both RRSP and TFSA accounts during the setup phase. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a convenient mobile app offered to download on Apple and also Google Play. The app makes the enrollment phase and trading of stocks and ETFs incredibly a breeze.

Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management . They have been doing business for more than 7 years and at this time employs more than 600 people. The main shareholder is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it easy to add funds to a new account. Simply connect the app to a chequing or savings account with your Trade account, and fund your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can just as easily be moved to your chequing or savings accounts through the same process.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account that allows you to recieve 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest on savings.

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

All of the above features, including Wealthsimple Trade may be accessed in the mobile app or at their website with your Wealthsimple login.

So How Should I Begin With Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As an exclusive registration bonus for our audience you’ll get the cash value of a share valued at $25 up to $4,500 CAD once you add funds to your account.

So What if I Still Have Additional Questions Concerning Wealthsimple Bank?

If this blog post didn’t given you the answers to all of your questions, and you’re still browsing for additional information relating to Wealthsimple Bank, check out the Wealthsimple site to get answers to all your questions.