Wealthsimple Review 2022: Wealthsimple Magazine

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stock plus crypto trading app that differentiates itself from the competition by charging no fees. 

A leading Canadian online financial services business founded in Autumn of 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has evolved considerably over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading ETFs and stocks that are listed in USD. In this case, they do charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay Upwards of $7 per trade with discount brokerages as was the case only a few years past.

Exactly How Much Money Will I Need to Get Started With Wealthsimple Trade?

Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. Most traditional banks and brokerages have large initial deposit amounts of 1k-5k. This makes it tough for the typical new investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade has both CRA registered and non-registered accounts. You may choose between both RRSP and TFSA accounts during the setup phase. 

Does Wealthsimple Trade Have a Mobile Application?

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

But Is Wealthsimple Trade Safe?

Of course. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . This company has been expanding for more than 7 years and now employs more than 600 people. The primary shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.

So How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so simple to fund your new account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in only a few steps. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can the same way can be moved to a chequing or savings account with the exact same steps.

Which Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to E-Transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid visa and savings product that allows one to recieve 1% cashback on your purchases, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a bunch of online courses on saving, investments, crypto, home buying and much more. 

Each of the mentioned features, including Wealthsimple Trade can be found on the mobile app or on their website with your Wealthsimple login.

But How Can I Begin Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. As a special signup bonus offer for our readers you will get the equivalent cash value of a share valued at $25 up to $4,500 Canadian when you deposit to your account.

What if I Still Have Additional Questions About Wealthsimple Magazine?

If this article still hasn’t given you the answers to each of your questions, and you’re looking for more information relating to Wealthsimple Magazine, go to the Wealthsimple website to get answers to all your questions.