Wealthsimple Review 2022: Wealthsimple X Waterloo

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading web app that sets itself apart from other apps by charging absolutely no fees. 

A fintech company founded in the Autumn of 2014 originally as a robo advisor automated trading platform named Wealthsimple Invest, it has changed significantly over the previous 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors trade stand alone stocks and ETFs without having to pay any fees. The exception is when trading ETFs and stocks that are listed in USD currency. In that case, they charge a nominal currency conversion fee when buying and selling. However, gone are the days of having to pay $7-12 for each trade with digital discount brokerages as was normal a few years past.

Exactly How Much Cash Will I Need to Get Started on Wealthsimple Trade?

Wealthsimple is unique in that they allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large initial deposit amounts of $1,000-$5,000. This makes it tough for the everyday new investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade has available registered and non-registered accounts. You may choose both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app that is available on both Apple and Android. The app makes the registration steps and also the trading of stocks and ETFs super painless.

Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management . These folks have been doing business for more than 7 years and also currently employs about 600 folks. The majority shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.

But How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite simple to add funds to your account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in only a few clicks. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved to your chequing or savings account through the same process.

What Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to Interac e-Transfers that allow you to quickly and efficiently transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for this tax year and file your tax return online free. It’s advertised to be simple, accurate and always totally free tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to get 1% cashback on 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 learning platform that offers a ton of different online courses on topics like saving, investments, crypto, home buying and more. 

Every one of the listed products, along with Wealthsimple Trade can be accessed inside the mobile app and on the site with one login.

How do I Start With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you’ll get the cash value of a random stock worth up to $4,500 Canadian once you add funds to your account.

But What if I Still Have Questions Related to Wealthsimple X Waterloo?

If this review didn’t answered each of your questions, and you’re searching for more specific answers relating to Wealthsimple X Waterloo, check out the Wealthsimple website to find answers to all your questions.