Wealthsimple Review 2022: Wealthsimple Vs Robinhood

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech business founded in the Autumn of twenty fourteen originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has changed considerably over the last 8 years to feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian consumers trade both individual stocks and ETFs without having to pay any fees. The exception is when you’re trading securities that are denominated in USD. In that case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the times of having to pay $7-12 for each trade with discount brokerages as was expected only a few years ago.

How Much Cash Will I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable minimum deposit amounts of 1k-5K. This makes it impossible for the normal investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade has both CRA registered and non-registered account types. One are able to select both RRSP and TFSA accounts during the setup wizard. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app that is offered on IOS and Google Play. The app makes the registration phase and the trading of stocks and ETFs super a breeze.

Is Wealthsimple Trade Secure?

Yes. Wealthsimple Trade is secure. Wealthsimple boasts in excess of 15 billion Canadian of Assets Under Management . They have been operating for more than 7 years and also employs about 600 Canadians. The primary owner is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.

So How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly straight forward to deposit to your account. Simply connect a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can the same way can be moved to your chequing or savings accounts by the same steps.

Which Additional Benefits and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac E-Transfers which allows one to quickly and easily transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to earn 1% cashback on your purchases, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of different courses on topics like saving, investing, crypto, real estate and much more. 

All of the mentioned features, including Wealthsimple Trade can be accessed within the mobile app and from their website with a single login.

So How Should I Begin With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special registration bonus for our audience you will receive the equivalent cash value of a random share valued at $25 up to $4,500 Canadian as soon as you deposit to your account.

So What if I Still Have Additional Questions Related to Wealthsimple Vs Robinhood?

If this review hasn’t given you the answers to each of your questions, and you’re browsing for additional answers relating to Wealthsimple Vs Robinhood, visit the Wealthsimple website for answers to every one of your questions.