Wealthsimple Review 2022: Wealthsimple Power Corp

What is Wealthsimple?

Wealthsimple is a simple to use Canadian digital Financial, stocks plus crypto trading app that distinguishes itself from the competition by charging absolutely no fees. 

A Toronto, Ontario based fintech company launched in Autumn of 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets consumers to trade stand alone stocks and ETFs without having to pay commissions. The exception is when you’re trading stocks and ETFs that are listed in US Dollars. In that case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the times of having to pay $7-12 per each trade with online discount brokerages as was normal only a couple years past.

How Much Cash Will I Need to Have in Order to Start on Wealthsimple Trade?

Wealthsimple is unique such that they allow Canadians to make a minimum deposit of only $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of 1K-5k. This makes it tough for the common investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade has both registered and non-CRA-registered accounts. You may select between both RRSP and TFSA account types during the setup phase. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app available on both Apple and Google Play. The smartphone app makes the signup process and trading of stocks and ETFs simple.

So Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). They have been operating for more than 7 years and also employs about 600 people. The primary owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage operating in Canada.

So How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to fund your new account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in only a few clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be moved to your chequing or savings accounts through the exact same process.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-transfers which allow anyone to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for this tax season and submit your taxes online free. It’s advertised to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account that allows one to recieve 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest on savings.

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

Each of the listed features, including Wealthsimple Trade may be accessed on the app and from the site with your Wealthsimple login.

How Can I Begin With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special signup bonus offer to our readers you will get the equivalent cash value of a random share worth $25 up to $4,500 Canadian once you make an initial deposit to your account.

But What if I Still Have Additional Questions Concerning Wealthsimple Power Corp?

If this article still hasn’t given you the answers to each of your questions, and you’re browsing for additional information relating to Wealthsimple Power Corp, check out the Wealthsimple website for answers to each your questions.