Wealthsimple Review 2022: Wealthsimple Black

What is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stock plus crypto trading web app that differentiates itself from the competition by charging no fees. 

A online financial services business founded in the Fall twenty fourteen exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved significantly over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade both stand alone stocks and also ETFs without paying any commissions. The exception to this is when trading ETFs and stocks which are denominated in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay Upwards of $7 per each trade with online discount brokerages as was the norm just a couple years ago.

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

Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5,000. This makes it difficult for the common investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

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

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is offered to download on both IOS and Google Play. The app makes the signup phase and the trading of stocks and ETFs incredibly easy.

But Is Wealthsimple Trade Trustworthy?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and also now employs more than 600 people. The primary owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly easy to add money to a new account. Just connect a chequing or savings account with your Trade account, and then add funds to your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can the same way can be moved back to your chequing or savings account using the same steps.

Which Additional Features and Products Are Offered by Wealthsimple?

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

Wealthsimple Tax – Everything you need to prepare for this tax season and file your tax return online free. It’s advertised as easy, accurate and always free income tax filing.

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

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

All of the listed features, along with Wealthsimple Trade may be accessed within the app and on the site with one login.

But How Can I Begin With Wealthsimple Trade?

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

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

If this blog post still hasn’t answered all of your questions, and you’re searching for further info about Wealthsimple Black, visit the Wealthsimple site to find answers to all your questions.