Wealthsimple Review 2022: Wealthsimple Managed Investing

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech company launched in Autumn of 2014 exclusively as a robo-advisor trading app named Wealthsimple Invest, it has changed substantially over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows Canadian investors to trade both stand alone stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading stocks and ETFs that are denominated in USD. In this case, they will charge a small currency conversion fee when buying and selling. But, gone are the days of having to pay $7-12 for each trade with discount brokerages as was expected only a few years past.

Exactly How Much Cash do I Need to Have in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is cool in that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have large minimum deposit amounts of $1000-$5000. This makes it tough for the common 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?

Of course. Wealthsimple Trade has available both registered and non-CRA-registered accounts. One are able to select between both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on IOS and Google Play. The app makes the enrollment steps and also the trading of stocks and ETFs incredibly simple.

So Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). This company has been expanding for more than 7 years and also now employs about 600 folks. The main shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.

How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to deposit to a new account. Just connect a chequing or savings account to your Trade account, then fund your account in just a few steps. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to a chequing or savings accounts through the same method.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac E-transfers that allows one to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax season and submit your tax return online free. It’s described to be easy, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination prepaid visa and savings account that allows one to earn 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of courses on saving, investing, crypto, home buying and more. 

Every one of the listed products, along with Wealthsimple Trade may be found inside the mobile app and at their website with your Wealthsimple login.

How do I Begin Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll get the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian once you fund your account.

But What if I Still Have Questions About Wealthsimple Managed Investing?

If this article still hasn’t answered each of your questions, and you’re looking for more answers about Wealthsimple Managed Investing, visit the Wealthsimple site to find answers to all your questions.