Wealthsimple Review 2022: Wealthsimple Cash App

What is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, securities plus crypto trading platform that differentiates itself from similar apps by charging no fees. 

A Toronto, Ontario based online financial services business launched in Autumn twenty fourteen originally as a robo-advisor automated trading app called Wealthsimple Invest, it has changed significantly over the previous eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets investors to trade individual stocks and ETFs without having to pay commissions. The exception to this is when trading stocks which are denominated in USD. In which case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the times of paying $7-12 per trade with discount brokerages as was the norm a couple years past.

Exactly How Much Money Will I Need to Have to Start on Wealthsimple Trade?

Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large min deposit amounts of 1K-$5,000. This makes it tough for the common investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers registered and non-registered account types. One are free to choose both RRSP and TFSA account types during the setup phase. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app offered on iOS and Google Play. The smartphone app makes the registration steps and the trading of stocks and ETFs truly painless.

Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian of Assets Under Management . they’ve been operating for more than 7 years and currently employs over 600 people. The primary shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.

So How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite easy to add money to a new account. Just connect the app to a chequing or savings account to your Trade account, and then add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts through the exact same process.

Which Other Benefits and Products Are Available?

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

Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your tax return online for free. It’s described to be simple, accurate and always free tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows one to earn 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of online courses on topics like saving, investing, crypto, real estate and more. 

Each of the mentioned features, along with Wealthsimple Trade may be found on the app and from the website with your Wealthsimple login.

But How Should I Begin With Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. For a special signup bonus for our readers you’ll receive the cash value of a stock worth up to $4,500 Canadian when you add funds to your account.

What if I Still Have Questions Related to Wealthsimple Cash App?

If this blog post didn’t given you the answers to each of your questions, and you’re still looking for additional info relating to Wealthsimple Cash App, visit the Wealthsimple site to get answers to each your questions.