Wealthsimple Review 2022: Wealthsimple Premium

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks plus crypto trading platform that differentiates itself from its competitors by charging no fees. 

A Toronto, Ontario based fintech business founded in the Autumn 2014 exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has evolved considerably over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers trade single stocks and also ETFs without needing to pay commissions. The exception is when trading securities which are displayed in USD currency. In this case, they do charge a currency conversion fee when buying and selling. But, behind us are the days of having to pay more than $7 per trade with digital discount brokerages as was expected a couple years past.

How Much Money do I Need in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it tough for the every day new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade offers both CRA registered and non-registered accounts. One are able to select between both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app that is available on IOS and also Android. The smartphone app makes the signup phase and also trading of stocks and ETFs very easy.

Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and currently employs roughly 600 folks. The main shareholder is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite easy to add funds to an account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in just a few steps. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can just as easily be moved back to a chequing or savings account by using the exact same method.

What Other Features and Products Are Offered by Wealthsimple?

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

Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your taxes online for free. It’s described to be simple, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid visa and savings product which lets you to earn 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a variety of online courses on topics like saving, investments, crypto, real estate and more. 

Every one of the listed features, along with Wealthsimple Trade may be accessed inside the app and at the website with one login.

So How do I Get Started With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you’ll get the equivalent cash value of a random Canadian stock valued at up to $4,500 CAD when you make an initial deposit to your account.

But What if I Still Have Questions Related to Wealthsimple Premium?

If this blog post still hasn’t answered each of your questions, and you’re still looking for more facts about Wealthsimple Premium, go to the Wealthsimple website for answers to all your questions.