Wealthsimple Review 2022: Wealthsimple Financial Corp

What is Wealthsimple?

Wealthsimple is an easy to use Canadian web based Financial, securities and crypto trading platform that sets itself apart from other apps by charging no fees. 

A Toronto, Ontario based online financial services business founded in Fall twenty fourteen exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has grown significantly over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows investors trade both stand alone stocks and ETFs without needing to pay fees. The exception is when trading securities which are displayed in USD currency. In that case, they charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of paying more than $7 per trade with discount brokerages as was normal only a couple years past.

Exactly How Much in Funds Will I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is unique such that they allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have quite large min deposit amounts of $1,000-$5000. This makes it impossible for the normal new investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade has available both CRA registered and non-registered account types. You can select both RRSP and TFSA accounts during the setup phase. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app that is offered to download on both IOS and Android. The smartphone app makes the registration phase and the trading of stocks and ETFs super easy.

Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also now employs about 600 Canadians. The majority owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.

How Do I Fund a Wealthsimple Trade Account?

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

Which Additional Benefits and Products Are Available?

Wealthsimple Cash – An equivalent to E-transfers which allow anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your tax return online free. It’s advertised to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings account which lets one to get 1% cashback on all your purchases, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a variety of online courses on saving, investments, crypto, home buying and much more. 

All of the mentioned products, including Wealthsimple Trade can be found within the app and on their site with your Wealthsimple login.

So How Should I Get Started Using Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As a special registration bonus offer for our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.

But What if I Still Have Additional Questions Concerning Wealthsimple Financial Corp?

If this article hasn’t answered all of your questions, and you’re still looking for further answers relating to Wealthsimple Financial Corp, visit the Wealthsimple website to find answers to every one of your questions.