Tuesday, August 10, 2021

Wealthsimple Trade Referral Program


Updated on Aug 10, 2021: You can set up auto-deposits for Personal, RRSP, TFSA, and Crypto accounts in your Wealthsimple Trade app. Auto-deposits are recurring weekly, bi-weekly, or monthly transfers from your bank account to your Trade account. They’re a great way to automatically set aside money to build your wealth — plus, it means you’ll have funds ready to go when you want to trade. When you add funds, you’ll see the option to switch from one time to weekly, bi-weekly, or monthly. Auto-deposits take 3-5 days to become available from the time they’re initiated. Let’s say you have an auto-deposit set up on the 15th of every month — those funds will be available 3-5 business days from the 15th.

If you want to open a new Wealthsimple Trade non-registered personal account, please use our referral link (or sign up code: AZYCRW), thanks: https://my.wealthsimple.com/app/public/trade-referral-signup?code=AZYCRW . Your will earn the cash equivalent of TWO random stocks (average value ~$30). If you like a TFSA / RRSP account, you can sign up it after you receive the referral bonus. Due to regulatory restrictions, Quebec residents will not qualify to receive a randomized stock bonus. Instead, Quebec residents will get the cash equivalent of a fixed stock worth no less than $20 based on the stock value at the time of selection. 


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


Wealthsimple have a referral program. If you sign up and add money to a new Wealthsimple Trade non-registered personal account with your friend's referral link, you'll earn the cash equivalent of TWO random stocks. The stocks – and therefore the cash equivalent you receive in your account – have a value between $5 and $4500 with an average of $15 (So, you can earn stocks of value around $30). Around 95% of people will receive less than $50 based on the stock value at the time of selection. The referral bonus won't get applied if the person you invite is an existing Wealthsimple Trade client. 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 . If you like a TFSA / RRSP account, you can sign up it after you receive the referral bonus. Note: Due to regulatory restrictions, Quebec residents will not qualify to receive a randomized stock bonus. Quebec residents will get the cash equivalent of a fixed stock worth no less than $20 based on the stock value at the time of selection.

If you signed up to Wealthsimple Trade within the last 30 days but forgot to use your friend's referral link, you can still get the bonus: 
  • Sign into the Wealthsimple Trade app on your mobile device
  • Tap the gift icon at the top of the screen
  • Select "I was referred by someone" near the bottom of the screen
  • Enter the unique code from your referral link (the series of letters found at the end of the URL)
If you don't see "I was referred by someone", it's likely your account has been open for longer than 30 days.

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...