Wealthsimple Stock Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading web app that distinguishes itself from its competitors by charging no fees. 

A Toronto, Ontario based fintech company launched in Autumn twenty fourteen originally as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has improved considerably over the past eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows Canadian investors trade both stand alone stocks and ETFs without paying commissions. The exception to this is when trading stocks and ETFs that are denominated in USD. In which case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the days of paying more than $7 per each trade with discount brokerages as was common only a couple years ago.

How Much Cash do I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large minimum deposit amounts of 1K-5K. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade has available registered and non-CRA-registered account types. One can choose between both RRSP and TFSA accounts in the setup process. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app offered to download on iOS and also Google Play. The app makes the registration steps and also the trading of stocks and ETFs very easy.

Is Wealthsimple Trade Secure?

Of course. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and at this time employs about 600 people. The controlling owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.

But How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to an account. Simply connect to a chequing or savings account to your Trade account, and then add funds to your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can the same way can be withdrawn a chequing or savings account by using the exact same method.

Which Other Features and Products Are Available?

Wealthsimple Cash – This is equivalent to E-transfers which allows you to quickly and efficiently send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to get 1% cashback on all your spending, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of different courses on topics like saving, investing, crypto, real estate and more. 

Every one of the listed products, along with Wealthsimple Trade may be found inside the mobile app and from the website with your Wealthsimple login.

How do I Start Using Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. As an exclusive signup bonus offer for our audience you’ll get the equivalent cash value of a random share valued at $25 up to $4,500 CAD as soon as you make an initial deposit to your account.

So What if I Still Have Questions Related to Wealthsimple Fees?

If this article still hasn’t answered each of your questions, and you’re still looking for additional facts about Wealthsimple Stock Review, visit the Wealthsimple site for answers to all your questions.