Wealthsimple Review 2022: Wealthsimple Masterclass

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that sets itself apart from the competition by charging no fees. 

A Toronto, Ontario based online financial services company launched in the Fall of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has changed considerably over the previous eight years to also feature Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian consumers trade both individual stocks and also ETFs without having to pay any fees. The exception to this is when you’re trading stocks which are displayed in USD currency. In which case, they do charge a currency conversion fee when buying and selling. But, gone are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was expected just a few years past.

Exactly How Much Cash Will I Need to Have to Begin Investing on Wealthsimple Trade?

Wealthsimple is awesome in that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of $1,000-5k. This makes it tough for the normal new investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

It does. Wealthsimple Trade has available both registered and non-CRA-registered account types. One may select between both RRSP and TFSA account types during the setup phase. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is available to download on both IOS and also Google Play. The mobile app makes the registration phase and also trading of stocks and ETFs super easy.

Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and now employs roughly 600 folks. The main owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage to operate in Canada.

So How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to deposit to an account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in just a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be withdrawn your chequing or savings account by the same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – An alternative to e-Transfers which allow you to quickly and simply send money to friends and family in Canada.

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

Wealthsimple Spend – A combination pre paid debit card and savings product that allows you to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different online courses on saving, investments, crypto, mortgages and more. 

Each of the listed products, including Wealthsimple Trade may be found within the app and at their website with one login.

So How do I Begin Using Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For a special signup bonus offer to our readers you’ll receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 Canadian once you fund your account.

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

If this blog post still hasn’t answered each of your questions, and you’re searching for more specific facts relating to Wealthsimple Masterclass, go to the Wealthsimple website to get answers to all your questions.