Wealthsimple Rrsp Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks plus crypto trading platform that differentiates itself from other apps by charging no fees. 

A leading Canadian online financial services company launched in Fall 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has grown significantly over the last eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian investors trade stand alone stocks and ETFs without needing to pay fees. The exception to this is when you’re trading ETFs and stocks that are denominated in US Dollars. In this case, they charge a currency conversion fee both when buying and selling. But, behind us are the days of paying $7-12 per trade with discount brokerages as was the case just a few years past.

How Much Cash Will I Need to Have in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large minimum deposit amounts of $1,000-$5000. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers both registered and non-registered account types. You can select both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is available to download on IOS and also Google Play. The app makes the enrollment phase and the trading of stocks and ETFs very simple.

Is Wealthsimple Trade Trustworthy?

Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . they’ve been in business for more than 7 years and also currently employs more than 600 Canadians. The main owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.

How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very easy to deposit to an account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a few days. Funds can just as easily be moved back to your chequing or savings account by the exact same method.

Which Additional Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac E-Transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require 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 allows one to get 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of courses on topics like saving, investments, crypto, mortgages and more. 

Each of the above products, along with Wealthsimple Trade may be found within the app and at the website with a single login.

How do I Get Started Using Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As a special registration bonus for our audience you will get the cash value of a random stock worth up to $4,500 Canadian when you fund your account.

But What if I Still Have Additional Questions Concerning Wealthsimple Error Something Went Wrong?

If this blog post didn’t answered all of your questions, and you’re still browsing for more specific answers about Wealthsimple Rrsp Review, go to the Wealthsimple site to get answers to each your questions.