Tuesday, May 18, 2021

Wealthsimple Trade Referral Program

Wealthsimple Trade is Canada's first $0 commission stock trading app. Wealthsimple Trade lets you buy and sell thousands of stocks and exchange-traded funds (ETFs) on major Canadian and U.S. exchanges with $0 commissions on any trades. And you can start trading as little as $1. Note: Wealthsimple Trade is NOT Wealthsimple Invest. Wealthsimple Invest is an automated investing service that manages your investments for you using a personalized portfolio of low-fee ETFs. From my point of view, I like Wealthsimple Trade most.

Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc., a registered investment dealer and a member of Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). Customer accounts protected by CIPF within specified limits in the event ShareOwner becomes insolvent. For an individual holding an account or accounts with a member firm, the limits on CIPF protection are generally as follows:
  •  $1 million for all general accounts combined (such as cash accounts, margin accounts and TFSAs), plus
  •  $1 million for all registered retirement accounts combined (such as RRSPs, RRIFs and LIFs), plus
  •  $1 million for all registered education savings plans (RESPs) combined where the client is the subscriber of the plan.

The Wealthsimple trading workflow is very simple (we only show the "BUY" workflow here. The "SELL" workflow is similar):

1) Click "Funding" to add fund to your account. You can link a bank account first, then deposit fund from your bank's chequing or savings account. Usually, you need to wait 2 business days before you can use the fund for trade.

2) Click the Search button to search the name or symbol of your stock. Or you can browse stocks in the "Top lists" & "Categories".

3) Click the stock symbol and then click "Buy". Note: you can choose between 3 different methods.

4) The easiest method is "Market Buy". Enter the number of shares you want to purchase and submit your order. If you like, you can also choose the other 2 methods.

Below is a list of fees associated with Wealthsimple Trade normal day-to-day transactions. The only trading fee Wealthsimple charge is a currency exchange fee for USD trades of the daily corporate rate * 1.5%.

I have a Wealthsimple Trade TFSA account myself, which is quite easy to set up and no need to worry about capital gains tax. In addition to the TFSA account, Wealthsimple Trade also provides non-registered and RRSP trade account types.

They have a referral program. If you sign up a new Wealthsimple Trade account with your friend's referral link, you'll get CAD $10 when you deposit and trade at least CAD $100 (your friend will get $25). And you can also have your own referral link after registration. If you want, please use our referral link (or sign up code: AZYCRW), thanks: https://my.wealthsimple.com/app/public/trade-referral-signup?code=AZYCRW

BTW, the referral code also works for previous Wealthsimple members who did not use a code upon signing up their accounts. The referred client can simply add the code retroactively in their Wealthsimple Trade profile. This retroactive referral will only work within 30 days of signing up. The referred client can click on the gift icon at the top of the main screen within the app. Then, click "I was referred by someone" near the bottom of the screen. From there, you will be asked to enter the unique referral code.

As far as I am concerned, I think Wealthsimple Trade is good for trading beginners. If you are an advanced trader, I would like to introduce another trading platform - Questrade: https://www.canadianrewards.net/2020/09/questrade-online-brokerage-introduction.html

Updated on Nov 29, 2020: Wealthsimple Trade just released its web beta test version. Some users got the early access to the web version of Wealthsimple Trade. 

Updated on Dec 17, 2020: Wealthsimple Trade on web is now available to everyone! There are some new web features for a great experience. Now you can open new accounts (RRSP, TFSA, or Personal) and make deposits and withdrawals using the web version.

Updated on Jan 11, 2021: More Wealthsimple Trade features coming soon:
  • Notifications when stock prices move
  • News and updates about stocks you follow
  • 2FA security

Updated on Feb 6, 2021: Internal transfers into registered accounts are now supported on Wealthsimple Trade. Just open the app and click "Funding" -> "Transfer funds". It will take one or two business days.

Updated on Apr 1, 2021: Wealthsimple recently launched instant funding for Trade and Crypto, meaning you can access up to $250 within seconds of initiating a deposit.

Updated on Apr 9, 2021: When you buy a premium subscription to Wealthsimple Trade, you’ll gain access to real-time market data through snap quotes instead of seeing a 15 minute delay. And, you will be able to deposit up to $1000 (instead of $250) with no holds (coming soon). The upgrade price is $3/month + tax. How to  buy a Wealthsimple Trade premium subscription:
  • Sign into the app on your mobile device
  • Tap the Profile icon in the top left-hand corner
  • Tap “Settings”
  • Tap “Premium” under the Subscription heading
  • Select “Upgrade”
  • Choose the account you want your monthly subscription payment to come from
  • Select “Confirm”
You can cancel your subscription anytime. Your premium subscription will remain active until the end of your billing cycle. 

PS: Wealthsimple has another interesting product called Wealthsimple Cash. You can use it to split takeout or rent, send a friend cash for a coffee, or request money instantly: https://www.canadianrewards.net/2020/12/wealthsimple-cash-introduction.html

BTW, if anyone wants to leave his/her referral link below, please use the following format ONLY: "My Wealthsimple Trade referral link is, thanks: *******." Other format will be deleted. Thanks. Note: because it contains link, we need to approve referral comments one by one. So, please be patient...