Wealthsimple Review 2022: Wealthsimple Questions

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stocks and crypto trading app that differentiates itself from its competitors by charging absolutely no fees. 

A fintech business launched in the Autumn of twenty fourteen exclusively as a robo-advisor trading app named Wealthsimple Invest, it has grown significantly over the last eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows consumers trade both single stocks and also ETFs without needing to pay fees. The exception is when you’re trading securities that are listed in US Dollars. In which case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the days of paying $7-12 per trade with discount brokerages as was common a few years ago.

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

Wealthsimple is special in that they allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have quite large min deposit amounts of 1K-5k. This makes it difficult for the typical investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You can choose between both RRSP and TFSA accounts during the setup phase. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app available to download on iOS and also Google Play. The app makes the signup process and trading of stocks and ETFs truly simple.

But Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). This company has been operating for more than 7 years and right now employs over 600 folks. The controlling shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage to operate in Canada.

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

The Wealthsimple Trade mobile app makes it simple to add money to a 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 usually take a couple of days. Funds can also be withdrawn a chequing or savings account with the exact same steps.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to e-transfers which allow one to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your taxes online for free. It’s described to be simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination prepaid visa and savings product which allows you to get 1% cashback on all your purchases, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of different online courses on topics like saving, investing, crypto, home buying and more. 

Every one of the mentioned features, along with Wealthsimple Trade may be accessed in the mobile app and from their site with your Wealthsimple login.

So How Can I Get Started With Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. As a special registration bonus for our readers you will get the equivalent cash value of a stock valued at $25 up to $4,500 CAD when you add funds to your account.

So What if I Still Have Questions Concerning Wealthsimple Questions?

If this blog post still hasn’t answered all of your questions, and you’re browsing for more facts about Wealthsimple Questions, visit the Wealthsimple website to find answers to every one of your questions.