Wealthsimple Review 2022: Xic Wealthsimple

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, securities and crypto trading platform that differentiates itself from its competitors by charging no fees. 

A Toronto, Ontario based online financial services business launched in the Fall 2014 originally as a robo advisor trading app named Wealthsimple Invest, it has evolved significantly over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian investors trade stand alone stocks and also ETFs without having to pay any fees. The exception to this is when you’re trading stocks that are displayed in USD currency. In this case, they will charge a currency conversion fee both when buying and selling. However, past us are the days of having to pay $7-12 for each trade with online discount brokerages as was common just a few years ago.

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

Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large minimum deposit amounts of $1,000-5K. This makes it tough for the everyday investor to start. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers CRA registered and non-registered account types. One are able to choose between both RRSP and TFSA accounts during the setup process. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app offered to download on IOS and also Google Play. The mobile app makes the enrollment process and also trading of stocks and ETFs easy.

Is Wealthsimple Trade Legit?

. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). They have been in business for more than 7 years and at this time employs over 600 folks. The main shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.

How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite simple to add money to your new account. Simply connect to a chequing or savings account to your Trade account, then add money to your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take just a couple of days. Funds can also be moved back to a chequing or savings accounts with the exact same steps.

What Additional Benefits and Products Are Available?

Wealthsimple Cash – An alternative to Interac E-Transfers that allows one to quickly and easily transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax season and submit your tax return online for free. It’s advertised as easy, accurate and always free tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings account that allows you to earn 1% cashback on all your everyday spending, and also get a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a ton of online courses on different topics such as saving, investing, crypto, mortgages and more. 

Each of the above products, along with Wealthsimple Trade can be found inside the app or on their website with your Wealthsimple login.

But How Can I Get Started With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special registration bonus offer for our readers you’ll receive the equivalent cash value of a random share valued at up to $4,500 Canadian as soon as you fund your account.

But What if I Still Have Questions About Xic Wealthsimple?

If this article still hasn’t given you the answers to all of your questions, and you’re still searching for more facts about Xic Wealthsimple, visit the Wealthsimple website for answers to every one of your questions.