Wealthsimple Review 2022: Wealthsimple Drs

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading web app that distinguishes itself from other apps by charging no fees. 

A leading Canadian fintech business launched in Autumn of 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has grown considerably over the last eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors to trade both single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading ETFs and stocks that are listed in USD. In this case, they charge a small currency conversion fee when buying and selling. However, gone are the times of having to pay more than $7 for each trade with discount brokerages as was the norm only a couple years ago.

Exactly How Much Cash Will I Need to Get Started on Wealthsimple Trade?

Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of $1,000-5K. This makes it difficult for the every day investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

Yes. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You may choose between both RRSP and TFSA account types during the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app available on Apple and also Google Play. The app makes the signup steps and the trading of stocks and ETFs a breeze.

But Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). This company has been in business for more than 7 years and also at this time employs more than 600 people. The primary owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.

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

The Wealthsimple Trade mobile app makes it incredibly easy to fund a new account. Just connect to a chequing or savings account to your Trade account, then add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple normally take only a few days. Funds can just as easily be moved to a chequing or savings account through the exact same method.

What Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to Interac E-Transfers which allow anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your taxes online for free. It’s pitched to be simple, accurate and always free tax return filing.

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

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a variety of courses on different topics such as saving, investing, crypto, mortgages and much more. 

Each of the listed products, including Wealthsimple Trade may be found in the app and from their site with your Wealthsimple login.

How Can I Get Started With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you’ll receive the equivalent cash value of a stock worth up to $4,500 Canadian as soon as you fund your account.

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

If this blog post didn’t answered all of your questions, and you’re still searching for more specific facts about Wealthsimple Drs, check out the Wealthsimple site to get answers to all your questions.