Wealthsimple Review 2022: Wealthsimple Koho

What Exactly is Wealthsimple?

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

A Toronto, Ontario based online financial services company launched in Autumn 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has grown significantly over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian investors to trade single stocks and ETFs without needing to pay commissions. The exception is when you’re trading stocks and ETFs that are denominated in USD currency. In which case, they will charge a currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 for each trade with online discount brokerages as was the norm a couple years past.

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

Wealthsimple is special such that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it hard for the everyday new 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 TFSA Accounts?

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

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on iOS and Google Play. The mobile app makes the signup phase and the trading of stocks and ETFs incredibly simple.

But Is Wealthsimple Trade Legit?

Of course. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and also now employs roughly 600 folks. The main owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so simple to add money to an account. Simply connect to a chequing or savings account with your Trade account, then fund your account in simply a couple of steps. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can also be moved back to a chequing or savings accounts by the exact same process.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to e-Transfers that allow you to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax season and submit your taxes online free. It’s described as simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination pre paid visa and savings product that lets you to get 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a variety of online courses on saving, investing, crypto, mortgages and much more. 

All of the mentioned features, along with Wealthsimple Trade can be accessed in the app or at the website with your Wealthsimple login.

But How Should I Begin With Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. For a special registration bonus offer to our audience you’ll get the equivalent cash value of a stock worth $25 up to $4,500 Canadian as soon as you fund your account.

So What if I Still Have Questions Related to Wealthsimple Koho?

If this article still hasn’t answered each of your questions, and you’re still browsing for further specific information about Wealthsimple Koho, visit the Wealthsimple site for answers to each your questions.