Wealthsimple Review 2022: Wealthsimple Canada

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading app that sets itself apart from similar apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services business launched in the Fall 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has grown considerably over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian consumers trade individual stocks and also ETFs without paying any fees. The exception is when trading ETFs and stocks that are displayed in USD. In this case, they charge a nominal currency conversion fee both when buying and selling. However, gone are the times of having to pay $7-12 per each trade with online discount brokerages as was expected just a few years ago.

How Much Money do I Need to Have in Order to Start Investing With Wealthsimple Trade?

Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large initial deposit amounts of $1000-5k. This makes it difficult for the common investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade has CRA registered and non-registered account types. You are free to choose both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on both IOS and Android. The mobile app makes the enrollment process and the trading of stocks and ETFs super a breeze.

So Is Wealthsimple Trade Legit?

Of course. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion Canadian in Assets Under Management . This company has been doing business for more than 7 years and at this time employs about 600 people. The primary owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it quite straight forward to deposit to a new account. Just connect a chequing or savings account to your Trade account, then add money to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can the same way can be withdrawn your chequing or savings account through the exact same steps.

Which Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An alternative to e-transfers that allows one to quickly and easily send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings account that lets you to recieve 1% cashback on your purchases, as well as get a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of different online courses on topics like saving, investing, crypto, mortgages and more. 

Each of the mentioned features, including Wealthsimple Trade can be found within the mobile app and on the website with a single login.

So How do I Get Started With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you’ll get the equivalent cash value of a random share worth $25 up to $4,500 CAD when you add funds to your account.

What if I Still Have Questions About Wealthsimple Canada?

If this review didn’t given you the answers to each of your questions, and you’re looking for additional facts about Wealthsimple Canada, visit the Wealthsimple website to get answers to all your questions.