Wealthsimple Review 2022: Xeqt Wealthsimple

What is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, stock plus crypto trading web app that distinguishes itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services business launched in the Autumn of 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has changed significantly over the last eight years to also include Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian investors to trade both single stocks and ETFs without needing to pay any fees. The exception is when trading stocks and ETFs that are denominated in US Dollars. In this case, they do charge a currency conversion fee when buying and selling. However, behind us are the times of having to pay more than $7 per each trade with online discount brokerages as was common only a couple years ago.

How Much Money do I Need to Have to Start Investing With Wealthsimple Trade?

Wealthsimple is unique in that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large minimum deposit amounts of 1k-5K. This makes it tough for the common new investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade has CRA registered and non-registered account types. One are able to choose between both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app that is available on iOS and Google Play. The smartphone app makes the enrollment process and also the trading of stocks and ETFs truly simple.

But Is Wealthsimple Trade Legit?

. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). These folks have been expanding for more than 7 years and also at this time employs roughly 600 people. The majority owner is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.

How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite straight forward to deposit to your account. Just connect a chequing or savings account with your Trade account, then fund your account in just a few clicks. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can the same way can be moved back to your chequing or savings accounts with the exact same process.

What Other Features and Products Are Available?

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

Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online free. It’s advertised to be easy, accurate and always free income tax filing.

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

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

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

So How do I Start With Wealthsimple Trade?

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

But What if I Still Have Additional Questions Related to Xeqt Wealthsimple?

If this review still hasn’t given you the answers to each of your questions, and you’re looking for further info about Xeqt Wealthsimple, check out the Wealthsimple website to find answers to each your questions.