Wealthsimple Review 2022: Wealthsimple Young And Thrifty

What is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, securities plus crypto trading app that differentiates itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services business launched in the Fall of twenty fourteen originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved considerably over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian consumers to trade both single stocks and ETFs without needing to pay any commissions. The exception to this is when trading securities that are displayed in USD. In this case, they will charge a currency conversion fee both when buying and selling. However, behind us are the times of paying Upwards of $7 for each trade with online discount brokerages as was normal a few years past.

How Much Cash do I Need to Have to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large minimum deposit amounts of $1,000-5k. This makes it difficult for the normal investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

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

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app offered on both Apple and also Android. The smartphone app makes the signup steps and also the trading of stocks and ETFs very painless.

Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). They have been expanding for more than 7 years and right now employs over 600 Canadians. The controlling shareholder is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.

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

The Wealthsimple Trade mobile app makes it incredibly simple to add funds to your new account. Just connect the app to a chequing or savings account to your Trade account, and add funds to your account in only a couple of steps. Deposits from banks to Wealthsimple usually take only a few days. Funds can also be moved to your chequing or savings account using the same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac e-transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax season and file your tax return online for free. It’s pitched to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product that lets you to get 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a bunch of courses on different topics such as saving, investing, crypto, home buying and more. 

Every one of the above products, along with Wealthsimple Trade may be accessed within the mobile app and on their site with your Wealthsimple login.

But How Should I Start Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus for our audience you will get the cash value of a random stock worth up to $4,500 Canadian once you deposit to your account.

So What if I Still Have Additional Questions Related to Wealthsimple Young And Thrifty?

If this review didn’t given you the answers to all of your questions, and you’re still browsing for further facts relating to Wealthsimple Young And Thrifty, go to the Wealthsimple site to get answers to each your questions.