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Wealthsimple

Wealthsimple Invest $100 bonus for new customer when you deposit $1000 for 6 months

  • Last Updated:
  • Sep 3rd, 2021 9:44 pm
[OP]
Jr. Member
Nov 15, 2017
159 posts
350 upvotes

Wealthsimple Invest $100 bonus for new customer when you deposit $1000 for 6 months

Retailer:
Wealthsimple
New customer only: deposit $1000 and get $100 bonus; slightly worse than previous deal which only required to deposit $500. Previous discussion can be found here

This deal can also be stacked with referral bonus of no management fee for $10k for one year, which is roughly equal to $50 dollar (probably plus tax) if you deposit $10k for a year (management fee is 0.5% for first $100k).

How I did:
1. Register using that link
2. After registration, deposit $1000 and you’ll get $100 shortly
3. Ask your family/friend for a referral code, and redeem it under Reward. Your family/friend will also get their referral bonus.

Some notes:
1. This is for Invest account only; cash and trade are not eligible
2. You need to keep $1000 for at least 6 months
Images
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Last edited by Mars2012 on Sep 1st, 2021 1:18 pm, edited 4 times in total.
Reason: removed link
74 replies
Member
Jun 29, 2005
251 posts
80 upvotes
Edmonton
Keep in mind you have to keep the deposit in for 6 months:
Customers who receive a bonus payment must keep at least $1000 in their account for 180 days from initial funding date or their bonus payment will be deducted from their final withdrawal amount.
Still not a bad return for minimal effort.
Newbie
May 21, 2015
80 posts
90 upvotes
Montreal, QC
FYI : “ Trade and Cash accounts are not eligible“
Deal Addict
Apr 10, 2017
2769 posts
1922 upvotes
I started with WS Invest back in June. 2 mos later it yielded 3.59%. Im on the aggressive portfolio, 9/10 according to the test
Deal Guru
Mar 1, 2002
11503 posts
9120 upvotes
Toronto
piranhaa wrote: Keep in mind you have to keep the deposit in for 6 months:
Thanks, should be added to OP as not everyone considers 6 months "shortly"
[OP]
Jr. Member
Nov 15, 2017
159 posts
350 upvotes
Angultra wrote: Thanks, should be added to OP as not everyone considers 6 months "shortly"
What I meant was you will get $100 almost within 1 day of depositing $1000, not keeping $1000 for a short period of time. Still added to OP.
Penalty Box
Apr 15, 2011
5156 posts
1886 upvotes
Scarborough
Wealth simple is a scam. Their rates for buying and selling is something like 5%. Especially for crypto, don't use wealth simple.
Deal Addict
Aug 29, 2007
3133 posts
2705 upvotes
Cambridge
I'm also on 9/10 and have been with them for a while now. That percentage could change... ie. You start investing when things are peaked and then the market comes down... over time, it will go back up and I'm at just below 10% for yield, currently.
Deal Addict
Apr 10, 2017
2769 posts
1922 upvotes
blaznazn22 wrote: Wealth simple is a scam. Their rates for buying and selling is something like 5%. Especially for crypto, don't use wealth simple.
Explain yourself. When I see the words "something like" I already know someone's guessing

I believe what you're saying is when you buy US stocks which the exchange rate is set to 1.5

Otherwise Canadian stocks are absolutely $0 fee. There is a monthly fee if you want real time prices+increased deposits for a measley $3. My first 2 mos I didnt bother with the Premium membership and I was ok albeit my deposits over $350 took longer.

The only thing I can agree with your statement is with Crypto since you dont own the coins, it serves as an IOU.
Newbie
Apr 14, 2021
65 posts
25 upvotes
I agree, the 1.5% fee on each US trade is brutal. Which platform would you recommend for US stocks, which has no other fees either?
Deal Addict
Aug 29, 2007
3133 posts
2705 upvotes
Cambridge
DaiyaanAsad wrote: I agree, the 1.5% fee on each US trade is brutal. Which platform would you recommend for US stocks, which has no other fees either?
Questrade allows you to hold USD funds. That's probably the best route for US equities. WS has stated that they will be allowing USD funds in the future... hopefully soon.

I can't recall the fees on Qtrade. They have zero fees on ETFs but I'm not sure about the rest. I use them for RESPs but that's about it.
Sr. Member
Dec 26, 2012
631 posts
562 upvotes
Hamilton
The 1.5% fee on US stocks is still cheaper than other brokerages if your trades are low. I invest around $200 at a time so it works out cheaper than using a other brokerages.

US accounts are coming as well.
Deal Addict
Aug 29, 2007
3133 posts
2705 upvotes
Cambridge
Biscayne05 wrote: The only thing I can agree with your statement is with Crypto since you dont own the coins, it serves as an IOU.
I'd like to add that WS has one of the highest fees for buying crypto through them so that's why I can't ever recommend them for crypto. The not your coins thing isn't too big of a deal as anyone who buys on an exchange also doesn't own them until they transfer them out to a wallet. Holding them on an exchange is decent for anyone just starting out but once you start to amass some holdings, definitely look into moving them to wallets you control and getting a hardware wallet as security is key.
Deal Addict
May 12, 2010
2537 posts
779 upvotes
Vaughan
I took adv of this offer last fall when the ask was invest $500 and get $100. That was my first investment and now I've been using Trade and Crypto. Crypto is volatile so you can easily buy low and sell high, rinse and repeat and make money. I don't have much invested there, but there are ways to make money even with the fees. Need to move the money from Invest to Trade and plan to do so this week, once I figure out how.
Member
User avatar
Oct 13, 2016
486 posts
925 upvotes
blaznazn22 wrote: Wealth simple is a scam. Their rates for buying and selling is something like 5%. Especially for crypto, don't use wealth simple.
It’s good to use WS to trade Canadian holdings, no fee
You are right when it comes to trading crypto and US stocks
Deal Addict
Aug 29, 2007
3133 posts
2705 upvotes
Cambridge
d_source wrote: I took adv of this offer last fall when the ask was invest $500 and get $100. That was my first investment and now I've been using Trade and Crypto. Crypto is volatile so you can easily buy low and sell high, rinse and repeat and make money. I don't have much invested there, but there are ways to make money even with the fees. Need to move the money from Invest to Trade and plan to do so this week, once I figure out how.
There's an option right in the app to pull the funds over.

Keep in mind that, with the quick trading of crypto, since it's not in a TFSA, every buy/sell/swap of the coins is considered a taxable event. Staking your coins is also considered interest and hopefully these laws change. Staking crypto is, BY FAR, the best way to generate passive income. It's quite safe to stake a stable coin and generate between 8-12% interest per year on those and they don't fluctuate in value.
Deal Addict
Jul 11, 2009
1055 posts
829 upvotes
Calgary
Using this link from the first post, it prompts for an email AND password. Is that to set a new password for a new account?

Doesn't make sense that a password is requested to open a new account, unless that is the password for the new account - which they usually ask you to enter twice if that is the case.
no sig
Deal Addict
Nov 21, 2017
3517 posts
4063 upvotes
orbitdesign wrote: There's an option right in the app to pull the funds over.

Keep in mind that, with the quick trading of crypto, since it's not in a TFSA, every buy/sell/swap of the coins is considered a taxable event. Staking your coins is also considered interest and hopefully these laws change. Staking crypto is, BY FAR, the best way to generate passive income. It's quite safe to stake a stable coin and generate between 8-12% interest per year on those and they don't fluctuate in value.
Which exchange/wallet do you use for staking? I had a peek at Nicehash and Shakepay, neither seems to offer it for ETH
For Sale:
Deal Addict
User avatar
Jan 31, 2004
3201 posts
1179 upvotes
Montreal
If I had a Wealthsimple Cash account am I eligible for this promo since its in Invest?
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