Wealthsimple Review 2022: Wealthsimple Pros And Cons

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based Financial, stocks plus crypto trading platform that sets itself apart from its competitors by charging absolutely no fees. 

A online financial services company founded in Autumn twenty fourteen originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has evolved considerably over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows Canadian investors trade both individual stocks and ETFs without needing to pay any fees. The exception is when you’re trading stocks and ETFs that are displayed in US Dollars. In this case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 for each trade with digital discount brokerages as was the norm a couple years past.

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

Wealthsimple is awesome such that they allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable minimum deposit amounts of 1k-$5000. This makes it hard for the common investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has available registered and non-CRA-registered account types. One can choose between both RRSP and TFSA accounts during the setup phase. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app available to download on both iOS and also Google Play. The mobile app makes the enrollment steps and also trading of stocks and ETFs truly a breeze.

But Is Wealthsimple Trade Safe?

. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs roughly 600 folks. The main owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.

How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so easy to deposit to your new account. Just connect a chequing or savings account to your Trade account, and then add money to your account in just a few clicks. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn your chequing or savings account by using the exact same process.

What Additional Features and Products Are Offered by Wealthsimple?

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

Wealthsimple Tax – Everything you need to get ready for this tax season and submit your tax return online for free. It’s pitched as simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings account which allows one to get 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a bunch of courses on topics like saving, investing, crypto, mortgages and much more. 

All of the mentioned features, including Wealthsimple Trade can be found within the mobile app and at their site with a single login.

How do I Start With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. For a special registration bonus for our readers you’ll receive the equivalent cash value of a random stock worth $25 up to $4,500 Canadian when you fund your account.

But What if I Still Have Questions About Wealthsimple Pros And Cons?

If this review didn’t given you the answers to all of your questions, and you’re browsing for more information about Wealthsimple Pros And Cons, check out the Wealthsimple website to get answers to each your questions.