Hot Deals

[Wealthsimple] Wealthsimple Cash app $100 Sign-up Bonus *Targeted

  • Last Updated:
  • May 5th, 2021 3:43 am
[OP]
Jr. Member
Jun 18, 2006
162 posts
174 upvotes
Burnaby

Wealthsimple Cash app $100 Sign-up Bonus *Targeted

Deal Link:
Expiry:
April 23, 2021
Retailer:
Wealthsimple
Received this promo through email. Check your inbox if you are already a Wealthsimple client. It sounds too easy to be true. Is this a service like Paypal? Any thoughts on this service will be welcome as I wonder if it is actually safe and worth the while to open an account with them. Security and privacy are my main concerns.

"It’s here. A simpler, better way to settle up, split the bill, pay it forward and send cash instantly. And it gets better: if you sign up in the next 48 hours, we’ll give you a $100 bonus.

Sign up now to claim your unique Dollar $ign (like an @handle, but for money) before someone else gets $therealyourname.

It's simple: Download the Wealthsimple Cash app on your phone. Log in to open a Wealthsimple Cash account, finish signing up and Sparklescha-ching Sparkles — $100 is yours!

This offer is only applicable to new Wealthsimple Cash app users who receive this email from Wealthsimple and open a Wealthsimple Cash Account within 48 hours. You may only open one eligible account. Please allow up to 2 business days for your bonus to be paid once successful."


Update: Done. I can confirm I received the $100 bonus in my account instantly after downloading the app, signing in with my wealthsimple credentials, and clicking agree boxes on the agreement pages. It looks like $100 bonus can be easily withdrawn to my bank account without restrictions, although I did not confirm the final send button. The offer is legit. The whole process took me less than 5 minutes.
Last edited by supramessiah on Apr 21st, 2021 4:48 pm, edited 3 times in total.
Thread Summary
Fine print section for those interested:

"Wealthsimple reserves the right to amend, withdraw or restrict this promotion at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under this promotion. Wealthsimple reserves the right to remove all promotions from the account and take any other action it deems appropriate including, but not limited to, closing the the account. This offer is only valid for customers in Canada that otherwise meet our eligibility requirements. Our standard terms relating to the account apply and are not affected in any way by this offer.

Our Cash product is offered by Wealthsimple Payments Inc., a FINTRAC registered money services business. Money in your Cash account is held in an account with ShareOwner. ShareOwner is a member of the Investment Industry Regulatory Organization of Canada.
All cash balances from your Wealthsimple Cash account(s) are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca) in case of a member's failure.
For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. For more information on how CDIC trust protection works, click here."
89 replies
Deal Addict
Mar 4, 2014
1205 posts
514 upvotes
Toronto
Looks like it may be a targeted offer. Please update your title with ymmv
[OP]
Jr. Member
Jun 18, 2006
162 posts
174 upvotes
Burnaby
Boomer23 wrote: Looks like it may be a targeted offer. Please update your title with ymmv
Done.
Deal Addict
Jun 14, 2011
1563 posts
762 upvotes
I'm in the process of closing my wealth simple account(after doing that $100 promo from last year where you invest $500 and they add $100... 6 months of use and my portfolio LOST 1.8%.) and i didnt get any notification for this. Def. ymmv.
Deal Addict
Aug 15, 2009
1472 posts
1149 upvotes
Montreal
Scott86 wrote: I'm in the process of closing my wealth simple account(after doing that $100 promo from last year where you invest $500 and they add $100... 6 months of use and my portfolio LOST 1.8%.) and i didnt get any notification for this. Def. ymmv.
Tell me why would any service advise you lost 1.8% ?

If you put down 500$ in 6 months when the market was high and it's down today, yeah you lose.

This shouldn't be a surprise, market go up and down...
Deal Addict
Mar 4, 2014
1205 posts
514 upvotes
Toronto
Scott86 wrote: I'm in the process of closing my wealth simple account(after doing that $100 promo from last year where you invest $500 and they add $100... 6 months of use and my portfolio LOST 1.8%.) and i didnt get any notification for this. Def. ymmv.
It’s not a “get rich quick” investment. 6 months is not enough time for an investment. You’re better off putting it into stocks. Invest is for long term investing.
Jr. Member
Sep 10, 2017
112 posts
161 upvotes
Scott86 wrote: I'm in the process of closing my wealth simple account(after doing that $100 promo from last year where you invest $500 and they add $100... 6 months of use and my portfolio LOST 1.8%.) and i didnt get any notification for this. Def. ymmv.

Time in the Market > Timing the Market

For 99.9% of people, skip the Gamestop type stuff and make automatic weekly contributions to your Wealthsimple invest account. This means you will buy both when the market is high and the market is low and will grow your money over time. A well diversifed portfolio of stocks have never lost value over any 10 year period, that is the time horizon you need to be thinking.

I work in a finance adjacent industry and Wealthsimple is the most powerful financial tool out there for the average person. Fantastic product. Stick with it, but follow their advice and use it as they suggest. It will work. They make rebalancing, diversifying and buying at regular intervals extremely easy. Makes investing accessable for the regular joe.
Jr. Member
Sep 10, 2017
112 posts
161 upvotes
Wealthsimple is building a bit of a portfolio of services. Wealthsimple Cash is similar to Venmo in the USA. Easy way to exchange money with friends.

Wealthsimple Invest is an automated investing tool. Handles a lot of the diversification and rebalancing of your investment portfolio automatically. I recommend this for the average investor.

Wealthsimple Trade is like Robinhood in the USA. Self directed trading account. Good for more experienced investors, or people who want to dabble and learn with small funds. No transaction fees per trade.

They also have a savings account, tax prep software and a crypto trading platform.
Newbie
May 12, 2020
90 posts
113 upvotes
ramsman13 wrote:
Wealthsimple Trade is like Robinhood in the USA. Self directed trading account. Good for more experienced investors, or people who want to dabble and learn with small funds. No transaction fees per trade.

They also have a savings account, tax prep software and a crypto trading platform.
Although true, they do charge a 1.5% currency conversion fee on US stocks on both buying and selling. If I understand it correctly, it is on Canadian stocks on the TSX that have no fees?
Member
May 30, 2016
421 posts
464 upvotes
Scarborough, ON
ramsman13 wrote: Time in the Market > Timing the Market

For 99.9% of people, skip the Gamestop type stuff and make automatic weekly contributions to your Wealthsimple invest account. This means you will buy both when the market is high and the market is low and will grow your money over time. A well diversifed portfolio of stocks have never lost value over any 10 year period, that is the time horizon you need to be thinking.

I work in a finance adjacent industry and Wealthsimple is the most powerful financial tool out there for the average person. Fantastic product. Stick with it, but follow their advice and use it as they suggest. It will work. They make rebalancing, diversifying and buying at regular intervals extremely easy. Makes investing accessable for the regular joe.
Agreed. Wealth Simple Invest is a great set it and forget it tool. I just set it up to invest a couple hundred bucks every other week. I could have done better by just parking my money in a S&P 500 index, but WSI is about having a diversified portfolio.
Jr. Member
Sep 10, 2017
112 posts
161 upvotes
User396555 wrote: Although true, they do charge a 1.5% currency conversion fee on US stocks on both buying and selling. If I understand it correctly, it is on Canadian stocks on the TSX that have no fees?
This is correct, they do not have the ability to hold USD accounts to avoid constant FX conversion. Apparently they are working on it.

I agree, this does cause problems if you'd like to trade actively in US stocks. 3% in fees off the top pretty much kills anything but buy and hold long term.
Last edited by ramsman13 on Apr 20th, 2021 10:51 pm, edited 1 time in total.
Jr. Member
Sep 10, 2017
112 posts
161 upvotes
razorblade2099 wrote: Agreed. Wealth Simple Invest is a great set it and forget it tool. I just set it up to invest a couple hundred bucks every other week. I could have done better by just parking my money in a S&P 500 index, but WSI is about having a diversified portfolio.
Yes, the way they build their portfolios are weighted towards Canadian index funds and I would love to see a little more weight placed on US index funds.

That is probably why you would have done better in the S&P.
Member
User avatar
Oct 20, 2007
411 posts
127 upvotes
Been using wealthsimple forever and keep missing these bonuses. For trade, missed the free stock or $50 bonus.

I didn't get an email, thought I had a cash account but it is the "save" account, so hoping to get one soon. There needs to be a good venmo-like service in Canada!
Newbie
Jun 3, 2019
67 posts
202 upvotes
minttea wrote: Been using wealthsimple forever and keep missing these bonuses. For trade, missed the free stock or $50 bonus.

I didn't get an email, thought I had a cash account but it is the "save" account, so hoping to get one soon. There needs to be a good venmo-like service in Canada!
Does there? I feel like it would have to be really good in order to replace e-transfer (which is almost universally used by everyone)
Member
User avatar
Aug 20, 2019
377 posts
444 upvotes
London, Ontario
biggestbarnacle wrote: Does there? I feel like it would have to be really good in order to replace e-transfer (which is almost universally used by everyone)
I agree. I created my $ with WS, sent the invite to a few friends for the $5 promo back when it first started. Not a single person signed up "why would I need this when I can just do etransfer and it's instant?"

I'm pretty sure WS is trying to start a full suite of financial services to compete with banks.
Deal Addict
User avatar
Sep 10, 2005
4702 posts
2068 upvotes
GTA
The whole e-transfer vs. something else debate is kind of like the issue with sms and chat apps. It's difficult to get people to use something else when there's always an established system even if the new thing is better.
Member
User avatar
Oct 20, 2007
411 posts
127 upvotes
biggestbarnacle wrote: Does there? I feel like it would have to be really good in order to replace e-transfer (which is almost universally used by everyone)
Ya, I agree that e-transfers are widely used right now. I use it a lot and enough to hit a lot of issues. I max out my e-transfer limits across accounts often so it's cool to see higher limits with WS. Looks like they're trying to get card services (with no forex fees?) so it'll turn into a Koho/Mogo thing.

This product definitely is going after a demographic that wants quick sends in a fun way. Easily split a meal on the spot instead of setting up e-transfers (esp if there's a bunch of people you don't know). They advertise asending things with a fire emoji a lot in their ads - and that was fun with venmo when it first started. It makes it social - which is totally unnecessary - but can be fun. If it integrates into other apps like iMessage and Whatsapp, I can see that being used easily too. I am sure there's a whole socialization and gamification user research angle to it.

More competition is good and I'd like to see more good services come out of it in Canada. When I am in the states, I am always using Venmo and there have been a lot of new players in the space (cashapp, zelle, etc). With that said, I haven't signed up for WS cash despite using almost every other product they have. I'll get it if they send me this promo to get $100 ;)
Jr. Member
Nov 1, 2018
199 posts
265 upvotes
Burnaby
OP, is there a withdrawal condition?
Newbie
Nov 22, 2017
94 posts
105 upvotes
Vancouver
Got the money the whole process is 5min or less
[OP]
Jr. Member
Jun 18, 2006
162 posts
174 upvotes
Burnaby
JuiceHen wrote: OP, is there a withdrawal condition?
I do not see any limiting conditions against withdrawal. As matter of fact, it does not even require any deposits in the first place.

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