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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
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
thelasthunter wrote: Which exchange/wallet do you use for staking? I had a peek at Nicehash and Shakepay, neither seems to offer it for ETH
Depends on the coin. A bunch I hold in their own, respective wallets. Others I leave on Crypto.com. I don't hold ETH there but I believe the minimum to stake ETH there is .15ETH (~$620CDN). They give 4.5% APY for a 1 month stake. 5.5% for 3 months...but choose the 1 month option as you can collect the rewards after the month and re-stake for another month and just keep re-compounding.
Deal Addict
Aug 7, 2011
1814 posts
2643 upvotes
VANCOUVER
orbitdesign wrote: 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.
Not owning your coins is a HUGE deal. I've been following bitcoin since 2011 and the number of times I've seen an exchange get hacked, go under, or turn out to be a scam is staggering. I'm not saying WS is going to scam people, but just so you are aware, WS Crypto is not CDIC protected. They say the holding company has protection insurance but without CDIC protection you can't be sure not to lose your investment. Also, they don't allow you to fund the account with crypto so for example you can't deposit BTC to buy ETH. I guess it's meant for casual investors that just want to get some crypto exposure so I don't fault them. But it's not a serious platform for crypto trading.


As for the WS Trade, I use this regularly and it's great. No fees except the USD conversion that can be avoided if you deal only with ETFs or Canadian stocks.
Last edited by goozy1 on Aug 31st, 2021 2:07 pm, edited 1 time in total.
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
goozy1 wrote: Not owning your coins is a HUGE deal. I've been following bitcoin since 2011 and the number of times I've seen an exchange get hacked or turn out to be a scam is staggering. I'm not saying WS is going to scam people, but just so you are aware, WS Crypto is not CDIC protected. They say the holding company has protection insurance but without CDIC protection you can't be sure not to loose your investment. Also, they don't allow you to fund the account with crypto so for example you can't deposit BTC to buy ETH. I guess it's meant for casual investors that just want to get some crypto exposure so I don't fault them. But it's not a serious platform for crypto trading.


As for the WS Trade, I use this regularly and it's great. No fees except the USD conversion that can be avoided if you deal only with ETFs or Canadian stocks.
It is a huge deal but I just meant, as I believe I stated, that it's not the biggest deal for people just starting out. I wouldn't go with WS to start but based on fees, but I see no issue with new people buying some coins on an exchange and staking them there to get used to it. Once they have amassed more, for sure, take control and move them out to a wallet you control. For new users to crypto, even moving coins between wallets can seem daunting.
Member
Feb 18, 2015
378 posts
1687 upvotes
Toronto, ON
What if I only buy ETFs? Is there a fee for it?
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
Marcos1310 wrote: What if I only buy ETFs? Is there a fee for it?
As long as they're CDN ETFs, zero fees on most platforms.
Deal Guru
User avatar
Jul 7, 2007
10817 posts
2529 upvotes
been using WS for a few months now. 99% of money in Trade (canadian stocks/ETF)... pretty happy with the service.

for the person who called this a scam.... go easy on him, maybe he doesn't know what a "scam" is
Deal Addict
User avatar
Jan 31, 2004
3226 posts
1200 upvotes
Montreal
When I get to my Sin # on my web browser (tried chome and edge) and click on the yellow arrow nothing happens. The page just stays there....
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Member
Feb 18, 2015
378 posts
1687 upvotes
Toronto, ON
orbitdesign wrote: As long as they're CDN ETFs, zero fees on most platforms.
More specifically the vanguard ones, for example VGRO. I'm a noob, sorry.
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
Marcos1310 wrote: More specifically the vanguard ones, for example VGRO. I'm a noob, sorry.
No worries! No, they don't charge fees for ETFs. VGRO, VEQT, XGRO, XEQT.. none of them have fees.
Sr. Member
Jan 24, 2015
528 posts
86 upvotes
Oakville, ON
I only use wealthsimple for tax, am I considered as a new customer? If yes, can I fund my invest account by e-transfer from my bank account? Can I just leave $1000 in the account, do nothing and then e-transfer out after six months? Thanks.
Sr. Member
Mar 2, 2004
625 posts
117 upvotes
Mississauga
How do you get a referral code for someone? Is it the Letters and numbers at the end of the referral link?
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
Punira wrote: How do you get a referral code for someone? Is it the Letters and numbers at the end of the referral link?
I'm not sure what the code is.. I can check mine but it doesn't give you anything other than no fees for a set amount of time over 10k or something like that.

Edit: Mine is 6 letters. No numbers.
Last edited by orbitdesign on Aug 31st, 2021 12:55 pm, edited 1 time in total.
Deal Addict
Sep 7, 2007
1543 posts
338 upvotes
Canada
Biscayne05 wrote: 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
I invested about 4 months ago and on fairly aggressive and across my investments am in the 6.5% range so far.
Deal Addict
Apr 10, 2017
2849 posts
1975 upvotes
red 5 wrote: I invested about 4 months ago and on fairly aggressive and across my investments am in the 6.5% range so far.
Thats awesome

Some Youtuber is pulling out from his Invest account to save on MER and I THINK he will just copy the portfolio. I do think he spends a ton of time analyzing etc. so thats fine. I think he will miss DRIP but good for him since he has time and I dont.

Wished I did this earlier instead of tanking my investments on MFs with Sunlife. It was also a painful thing to transfer from SL to WS
Jr. Member
Sep 28, 2016
137 posts
288 upvotes
Does someone that already have WS Trade only can use that promotion if never used WS Invest before ?
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
Stochey wrote: Does someone that already have WS Trade only can use that promotion if never used WS Invest before ?
I can't confirm, but I'd assume you'd count as a new customer as it makes you create a new account and it gives you a new account number. Again, not 100% on this, just seems to make sense to me.
Deal Addict
May 12, 2010
2591 posts
814 upvotes
Vaughan
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.
I've checked and I can't figure out how to do it. I tried the WS chat and they said it's not possible to move from Invest RRSP to Trade RRSP. I would have to withdraw the funds and then add them into the other account and that would have tax implications. I tried moving funds in the Trade app btw.

I need to read more on taxes for crypto and staking. I don't know enough and hopefully the little money i'm playng with doesn't haunt me at tax season.

THX
Public Mobile $40/15GB
Deal Addict
Mar 10, 2010
1872 posts
631 upvotes
Biscayne05 wrote: Thats awesome

Some Youtuber is pulling out from his Invest account to save on MER and I THINK he will just copy the portfolio. I do think he spends a ton of time analyzing etc. so thats fine. I think he will miss DRIP but good for him since he has time and I dont.

Wished I did this earlier instead of tanking my investments on MFs with Sunlife. It was also a painful thing to transfer from SL to WS
You're copying the investments of a YouTuber and think that's the key to riches?

Man, if this isn't the sign the stock market is bubble, I don't know what is.
Deal Addict
Aug 29, 2007
3198 posts
2842 upvotes
Cambridge
d_source wrote: I've checked and I can't figure out how to do it. I tried the WS chat and they said it's not possible to move from Invest RRSP to Trade RRSP. I would have to withdraw the funds and then add them into the other account and that would have tax implications. I tried moving funds in the Trade app btw.

I need to read more on taxes for crypto and staking. I don't know enough and hopefully the little money i'm playng with doesn't haunt me at tax season.

THX
Maybe it's because it's an RRSP and not a TFSA? I just checked and it's there for TFSA so double check.

Sign in to Trade, open the menu and go to Funding. At the top, it'll have Money and Accounts, Select Accounts and the second option for me is "Transfer from WS Invest" and when I click that, I can see my TFSA in Invest.

Crypto and taxes... the gov really needs to handle this properly. It's a mess.
Deal Expert
User avatar
Dec 1, 2003
21316 posts
4536 upvotes
YUL
I use Scotia iTrade. It's an overly simplified and archaic interface but it works, and since I already bank with Scotia, I can transfer money from my chequing account instantly in CDN or USD$. Fees are $9.99 per trade.

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