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Wealthsimple Review 2022: Wealthsimple Managed Account

January 8, 2022 by Hackett Property

What is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading app that distinguishes itself from its competitors by charging no fees. 

A leading Canadian online financial services business founded in the Autumn of twenty fourteen originally as a robo advisor trading platform called Wealthsimple Invest, it has changed substantially over the past eight years to include Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without having to pay fees. The exception to this is when trading ETFs and stocks which are listed in USD. In which case, they do charge a currency conversion fee when buying and selling. However, behind us are the days of having to pay more than $7 for each trade with online discount brokerages as was the case only a couple years ago.

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

Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and brokerages have large minimum deposit amounts of 1K-5k. This makes it tough for the every day investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers registered and non-registered account types. You can select between both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app that is offered on Apple and Google Play. The mobile app makes the signup steps and also the trading of stocks and ETFs painless.

So Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and right now employs more than 600 folks. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage to operate in Canada.

But How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it straight forward to deposit to an account. Just connect the app to a chequing or savings account with your Trade account, then add funds to your account in simply a few steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can just as easily be moved to your chequing or savings accounts by the same steps.

Which Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-Transfers that allows anyone to quickly and simply send cash to friends and family in Canada.

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

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

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a ton of courses on topics like saving, investing, crypto, real estate and more. 

Each of the listed products, including Wealthsimple Trade can be accessed within the app or from the site with a single login.

So How do I Start With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus for our audience you will receive the equivalent cash value of a share worth $25 up to $4,500 CAD once you fund your account.

So What if I Still Have Questions Concerning Wealthsimple Managed Account?

If this review didn’t given you the answers to each of your questions, and you’re looking for additional facts about Wealthsimple Managed Account, visit the Wealthsimple site to get answers to each your questions.

Categories Wealthsimple Managed Account Tags Wealthsimple Managed Account
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