Wealthsimple Review 2022: Wealthsimple Trade App

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stocks plus crypto trading web app that sets itself apart from its competitors by charging absolutely no fees. 

A Toronto, Ontario based fintech company launched in Autumn of twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has evolved considerably over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and also ETFs without having to pay commissions. The exception to this is when you’re trading securities which are denominated in USD. In that case, they do charge a currency conversion fee both when buying and selling. However, gone are the days of paying $7-12 per each trade with discount brokerages as was the norm just a few years past.

Exactly How Much Money Will I Need to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large minimum deposit amounts of 1K-$5000. This makes it tough for the every day investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

It does. Wealthsimple Trade has both registered and non-registered accounts. One are free to choose between both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app that is available on iOS and Google Play. The mobile app makes the signup steps and also the trading of stocks and ETFs easy.

So Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is legit. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). They have been expanding for more than 7 years and employs more than 600 people. The primary owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.

So How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly simple to add funds to an account. Just connect to a chequing or savings account with your Trade account, and add funds to your account in only a few steps. Deposits from banks to Wealthsimple usually take only a few days. Funds can the same way can be moved to your chequing or savings account with the same process.

What Additional Features and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac e-Transfers which allow you to quickly and simply send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination pre paid debit card and savings product that 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 which includes a variety of courses on saving, investing, crypto, mortgages and much more. 

All of the above features, including Wealthsimple Trade can be accessed on the mobile app and on the site with one login.

How Should I Begin Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For an exclusive registration bonus for our readers you will get the equivalent cash value of a Canadian stock valued at up to $4,500 CAD as soon as you fund your account.

What if I Still Have Additional Questions About Wealthsimple Trade App?

If this review hasn’t given you the answers to all of your questions, and you’re searching for further specific facts relating to Wealthsimple Trade App, go to the Wealthsimple site for answers to all your questions.