Wealthsimple Tfsa Review Reddit: Complete Guide

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online investing, stocks plus crypto trading web app that sets itself apart from similar apps by charging absolutely no fees. 

A leading Canadian online financial services company founded in Fall of 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has changed considerably over the previous eight years to feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows Canadian investors trade both stand alone stocks and also ETFs without needing to pay fees. The exception to this is when you’re trading ETFs and stocks that are denominated in USD. In that case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the days of paying more than $7 per each trade with digital discount brokerages as was common just a couple years past.

How Much in Funds Will I Need to Start on Wealthsimple Trade?

Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large initial deposit amounts of $1000-5K. This makes it tough for the common investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade has available both CRA registered and non-registered account types. One may choose both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a convenient mobile app offered to download on Apple and Android. The smartphone app makes the enrollment process and trading of stocks and ETFs simple.

So Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management . They have been in business for more than 7 years and currently employs about 600 folks. The primary shareholder is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage to operate in Canada.

But How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite straight forward to fund a new account. Simply connect to a chequing or savings account with your Trade account, then add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can just as easily be withdrawn a chequing or savings account using the same process.

What Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to e-transfers which allows anyone to quickly and simply transfer money to friends and family in Canada.

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

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

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a bunch of online courses on saving, investments, crypto, real estate and much more. 

Every one of the listed products, along with Wealthsimple Trade may be found within the mobile app and on their site with a single login.

So How Can I Get Started Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. For an exclusive signup bonus for our readers you will get the cash value of a random Canadian stock worth up to $4,500 CAD as soon as you make an initial deposit to your account.

What if I Still Have Additional Questions Concerning Free Stock Wealthsimple?

If this blog post hasn’t answered each of your questions, and you’re still looking for more specific facts about Wealthsimple Tfsa Review Reddit, go to the Wealthsimple website to get answers to all your questions.