Wealthsimple Review 2022: Wealthsimple Debit Card

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stocks plus crypto trading web app that differentiates itself from its competitors by charging no fees. 

A leading Canadian online financial services business founded in the Fall 2014 exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has improved significantly over the past eight years to include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and ETFs without needing to pay any fees. The exception to this is when trading securities that are listed in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. However, behind us are the times of paying more than $7 for each trade with digital discount brokerages as was the norm just a few years ago.

How Much in Funds Will I Need to Begin Investing With Wealthsimple Trade?

Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and brokerages have sizeable initial deposit amounts of $1,000-$5,000. This makes it hard for the typical new investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One are able to select both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app that is available on Apple and also Google Play. The app makes the registration steps and also the trading of stocks and ETFs incredibly easy.

So Is Wealthsimple Trade Secure?

Of course. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). This company has been doing business for more than 7 years and now employs over 600 Canadians. The primary shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to add money to your account. Simply connect a chequing or savings account with your Trade account, then fund your account in simply a few clicks. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can the same way can be moved to a chequing or savings account by using the exact same steps.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – An alternative to e-Transfers which allow anyone to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online for free. It’s pitched as easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to recieve 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.

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

Every one of the mentioned products, along with Wealthsimple Trade can be found on the mobile app and at their site with a single login.

How Should I Begin Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll get the equivalent cash value of a stock valued at up to $4,500 CAD when you deposit to your account.

So What if I Still Have Additional Questions Concerning Wealthsimple Debit Card?

If this article hasn’t answered all of your questions, and you’re still browsing for further information about Wealthsimple Debit Card, go to the Wealthsimple site for answers to each your questions.