Wealthsimple Review: Complete Guide

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech business founded in Autumn of 2014 exclusively as a robo advisor trading platform named Wealthsimple Invest, it has improved significantly over the last eight years to feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets consumers to trade both individual stocks and ETFs without having to pay fees. The exception to this is when you’re trading securities which are denominated in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. However, behind us are the times of having to pay more than $7 per trade with discount brokerages as was the case just a couple years past.

Exactly How Much Cash Will I Need to Have in Order to Start With Wealthsimple Trade?

Wealthsimple is cool in that they allow new customers to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large min deposit amounts of $1000-$5000. This makes it hard for the typical new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers registered and non-registered accounts. One may choose between both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app available on Apple and also Android. The app makes the enrollment steps and trading of stocks and ETFs incredibly easy.

But Is Wealthsimple Trade Safe?

For sure. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD in Assets Under Management . This company has been operating for more than 7 years and also at this time employs more than 600 Canadians. The majority shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.

How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite straight forward to add money to an account. Simply connect the app to a chequing or savings account to your Trade account, and then fund your account in just a few clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be withdrawn a chequing or savings accounts using the exact same process.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to E-Transfers that allows you to quickly and simply send cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for this tax season and submit your tax return online free. It’s pitched to be easy, accurate and always totally free tax filing.

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

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of different courses on saving, investments, crypto, home buying and much more. 

All of the mentioned features, along with Wealthsimple Trade may be accessed in the mobile app or from the website with your Wealthsimple login.

But How Should I Get Started Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special registration bonus offer for our audience you’ll receive the equivalent cash value of a random stock valued at $25 up to $4,500 CAD once you fund your account.

But What if I Still Have Additional Questions Concerning Wealthsimple?

If this article didn’t answered each of your questions, and you’re searching for more information relating to Wealthsimple Review, go to the Wealthsimple site for answers to all your questions.