Wealthsimple Review 60: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading platform that sets itself apart from its competitors by charging absolutely no fees. 

A Toronto, Ontario based fintech business launched in Autumn of twenty fourteen originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has evolved significantly over the past eight years to include Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without paying commissions. The exception to this is when trading stocks which are denominated in USD currency. In that case, they will charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay $7-12 per trade with discount brokerages as was normal just a few years ago.

How Much Cash do I Need to Have to Get Started With Wealthsimple Trade?

Wealthsimple is awesome such that they allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable initial deposit amounts of $1,000-$5,000. This makes it hard for the every day investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

They do. Wealthsimple Trade offers both registered and non-registered account types. You are able to choose between both RRSP and TFSA accounts during the setup phase. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app offered to download on IOS and Google Play. The mobile app makes the signup process and also the trading of stocks and ETFs truly a breeze.

So Is Wealthsimple Trade Safe?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). they’ve been operating for more than 7 years and also employs roughly 600 people. The main owner is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage to operate in Canada.

But How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so easy to fund your new account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can just as easily be moved to a chequing or savings accounts by using the exact same method.

What Additional Features and Products Are Available?

Wealthsimple Cash – An equivalent to Interac E-Transfers which allow anyone to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your tax return online free. It’s advertised as simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings product that allows you to get 1% cashback on your purchases, and also get a competitive 1.5% interest on savings.

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

Every one of the mentioned features, along with Wealthsimple Trade can be accessed within the app and at their website with a single login.

How Should I Begin With Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you will get the equivalent cash value of a share valued at up to $4,500 CAD when you make an initial deposit to your account.

But What if I Still Have Questions Concerning How Does Wealthsimple Work?

If this blog post didn’t answered each of your questions, and you’re looking for additional info relating to Wealthsimple Review 60, visit the Wealthsimple site to find answers to each your questions.