Wealthsimple Review 2022: Wealthsimple Resp

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based Financial, stock and crypto trading platform that distinguishes itself from the competition by charging no fees. 

A online financial services business launched in Autumn twenty fourteen originally as a robo advisor algorithmic trading app named Wealthsimple Invest, it has changed substantially over the last 8 years to also include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without needing to pay fees. The exception is when trading stocks that are listed in USD. In this case, they do charge a currency conversion fee both when buying and selling. But, gone are the times of paying $7-12 for each trade with digital discount brokerages as was expected just a few years past.

Exactly How Much Money do I Need to Have in Order to Start With Wealthsimple Trade?

Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable minimum deposit amounts of 1k-$5000. This makes it impossible for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

It does. Wealthsimple Trade has CRA registered and non-registered account types. You may select between both RRSP and TFSA account types in the setup process. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app available on both IOS and Android. The app makes the registration steps and trading of stocks and ETFs very painless.

But Is Wealthsimple Trade Safe?

. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). These folks have been doing business for more than 7 years and also currently employs more than 600 Canadians. The majority shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it incredibly easy to deposit to an account. Just connect to a chequing or savings account to your Trade account, and add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can also be moved back to a chequing or savings accounts by the exact same steps.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to E-transfers that allows one to quickly and easily transfer money to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid visa and savings product that allows you to earn 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a ton of online courses on topics like saving, investments, crypto, home buying and more. 

Every one of the mentioned products, along with Wealthsimple Trade may be accessed inside the mobile app or at the site with your Wealthsimple login.

How Can I Get Started Using Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll receive the cash value of a share worth up to $4,500 CAD once you fund your account.

But What if I Still Have Additional Questions Related to Wealthsimple Resp?

If this article still hasn’t answered all of your questions, and you’re browsing for additional specific info about Wealthsimple Resp, check out the Wealthsimple site for answers to each your questions.