Wealthsimple Stock App Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based Financial, securities and crypto trading web app that sets itself apart from the competition by charging absolutely no fees. 

A online financial services company launched in the Autumn twenty fourteen originally as a robo-advisor trading platform named Wealthsimple Invest, it has changed considerably over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows investors to trade individual stocks and ETFs without paying fees. The exception is when trading stocks and ETFs which are listed in USD currency. In this case, they do charge a currency conversion fee when buying and selling. However, behind us are the days of having to pay more than $7 for each trade with digital discount brokerages as was expected a few years past.

How Much in Funds Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is awesome such that they allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large min deposit amounts of 1K-$5,000. This makes it hard for the common investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has both CRA registered and non-registered accounts. You can select between both RRSP and TFSA accounts in the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app offered on iOS and also Android. The mobile app makes the signup process and also the trading of stocks and ETFs truly simple.

So Is Wealthsimple Trade Secure?

Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian of Assets Under Management . These folks have been doing business for more than 7 years and now employs over 600 people. The main shareholder is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.

But How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very straight forward to deposit to an account. Simply connect the app to a chequing or savings account to your Trade account, and add money to your account in just a couple of steps. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can the same way can be moved back to a chequing or savings account with the same steps.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac E-transfers which allows one to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and submit your taxes online for free. It’s advertised to be easy, accurate and always totally free tax filing.

Wealthsimple Spend – A combination pre paid visa and savings product that allows you to earn 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.

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

Each of the listed products, including Wealthsimple Trade can be accessed in the app and from the website with a single login.

How do I Start Using Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will get the cash value of a Canadian stock valued at up to $4,500 CAD as soon as you fund your account.

What if I Still Have Questions Related to Wealthsimple America?

If this article hasn’t given you the answers to all of your questions, and you’re browsing for additional specific information relating to Wealthsimple Stock App Review, go to the Wealthsimple website for answers to each your questions.