Wealthsimple Review 2022: Wealthsimple Ynab

What is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, securities plus crypto trading web app that differentiates itself from the competition by charging absolutely no fees. 

A leading Canadian online financial services business launched in the Autumn of twenty fourteen exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved significantly over the previous 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and also ETFs without paying any commissions. The exception to this is when trading stocks and ETFs which are denominated in US Dollars. In this case, they will charge a nominal currency conversion fee both when buying and selling. But, gone are the times of paying more than $7 for each trade with discount brokerages as was expected a few years ago.

How Much in Funds Will I Need to Have in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and brokerages have sizeable initial deposit amounts of $1,000-$5,000. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

They do. Wealthsimple Trade has both CRA registered and non-registered account types. You can choose between both RRSP and TFSA accounts during the setup wizard. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app available to download on Apple and Android. The smartphone app makes the registration steps and trading of stocks and ETFs super painless.

Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and also currently employs roughly 600 people. The main shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.

But How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it easy to add money to your account. Simply connect a chequing or savings account to your Trade account, and fund your account in simply a couple of clicks. Deposits from your bank to Wealthsimple typically take only a few days. Funds can just as easily be moved back to a chequing or savings accounts with the exact same method.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac e-transfers which allow anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for this tax year and file your taxes online free. It’s pitched as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings account which lets you to get 1% cashback on your everyday spending, as well as get a very competitive 1.5% interest rate on savings.

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

Each of the mentioned features, along with Wealthsimple Trade can be found within the app and on their website with your Wealthsimple login.

But How Should I Begin With Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. As an exclusive signup bonus offer for our readers you will get the cash value of a Canadian stock worth up to $4,500 Canadian once you deposit to your account.

What if I Still Have Additional Questions About Wealthsimple Ynab?

If this blog post hasn’t given you the answers to all of your questions, and you’re still looking for further info relating to Wealthsimple Ynab, go to the Wealthsimple website to find answers to each your questions.