How To Use A Wealthsimple Referral Code

How to Use a Wealthsimple Referral Code

WealthsimpleReferral Codes
Wealthsimple CashUse code AUQHTY when you sign up to get $10.
Wealthsimple TradeUse code KKZH8A when you sign up to get free stocks worth $9,000.

It’s incredibly hard to find a good financial app these days with all the tools you need to invest, manage a portfolio, buy cryptocurrency, and send and receive money. It’s even harder to find an app that allows you to do all of that plus make money just from using the app and getting other people to use it too.

How To Use A Wealthsimple Referral Code - Claim Your Welcome Bonus - Comparewise

Fortunately, Wealthsimple allows you to do just that by giving you a referral code and cash incentives to invite people to use their app. We’ll tell you all about how to use a Wealthsimple referral code and make the most of it in this article.

What is Wealthsimple?

Part of learning how to use a Wealthsimple referral code is knowing what Wealthsimple is.

Wealthsimple is a financial technology company. They use technological innovations to provide financial tools that are efficient, yet won’t break the bank. They aim to make financial services accessible to everyone, so they practically eliminate the paperwork that other financial institutions require to gain access to their financial services and tools.

And because they understand the needs of their customers they provide customer service in multiple ways so that you can interact with a live person, or never interact with a person if you don’t want to.

Wealthsimple’s Services

When you’re learning how to use a Wealthsimple referral code, you need to know about Wealthsimple’s services. You can’t refer people to services if you don’t know what they are, right?

Wealthsimple ServicesFeatures
Wealthsimple CashSend cash in seconds. Settle up. Split the bill. Pay it forward. Add a tip. Pay back. Get paid. Use code AUQHTY when you sign up to claim a free cash bonus.
Wealthsimple CryptoThe simplest way to invest in crypto. Buy and sell cryptocurrencies instantly.
Wealthsimple InvestInvesting on autopilot. Invest in an intelligent portfolio of low-fee funds that are designed to meet your financial goals.
Wealthsimple TaxTax filing made simple. File your taxes with smart technology that is simple, accurate, and secure.
Wealthsimple TradeCommission-free stock trading. 1.5 million people use Wealthsimple Trade to buy and sell stocks. Join them and get a free stock to start your portfolio. Use code KKZH8A to get a free stock.

Wealthsimple Invest:

This is Wealthsimple’s flagship service, and the one that started their enterprise. You can use it to develop a portfolio full of equities and bonds that meet your needs, and you can get live investment advice from a Wealthsimple professional. You just answer a few questions and then it builds a portfolio for you based on your answers.

They pick your stock options through passive investing, and instead of picking and choosing stocks they give you a broader range of investments because studies have shown that this is more effective and less expensive over time than active investing.

Wealthsimple Trade:

If you’re learning about Wealthsimple with the aim of learning how to use a Wealthsimple referral link, then this is the service you really need to pay attention to. Wealthsimple trade is the only trading platform in Canada that doesn’t require commission fees. This means that you can buy and sell your stocks without being bogged down by additional fees.

How To Use A Wealthsimple Referral Code - Claim Your Welcome Bonus - Comparewise

Wealthsimple Crypto:

Another of Wealthsimple’s services you should know about if you’re learning how to use a Wealthsimple referral link is Wealthsimple Crypto. These days many people are looking to invest in cryptocurrency. Wealthsimple provides you with a safe and secure way to buy cryptocurrencies like Bitcoin and Ethereum.

Wealthsimple Tax:

Wealthsimple also allows you to do your taxes from their app. You can choose the tax services you want to meet your budget, all while ensuring that you get the maximum refund amount that you’re owed.

Wealthsimple Cash:

This is another great feature to learn about while you’re learning how to use a Wealthsimple referral code. This is a money transfer system that allows you to easily send and receive money through Wealthsimple.

Wealthsimple Save:

Wealthsimple save is pretty much exactly what it sounds like: a savings account. But Wealthsimple’s savings account is free and it advertises that there are no fees to use it.

Who is Wealthsimple For?

One of the things you need to learn during your research on how to use a Wealthsimple referral code is who will benefit the most from its services. This will help you determine who to send your links to for maximum efficiency.

Wealthsimple is a good idea for investors who are just starting out, with little cash to spare. This is because Wealthsimple has a $0 account minimum. The fact that there aren’t many features and tools to learn is also helpful to new investors, or those who have tried other more robust financial advisory services and found them to be too complicated for them.

Some investors may also like the fact that while Wealthsimple is headquartered in the United States, they offer services in Canada and the UK, as well.

Wealthsimple 0 Commission Comparewise - Comparewise

How Safe is Wealthsimple?

Of course when you’re learning how to use a Wealthsimple referral link, the people you are referring are going to ask about the safety of using Wealthsimple. That’s only natural because everyone wants to make sure that their money and information remains safe.

Here’s what you need to know:

Every Wealthsimple account has the protection of the Canadian Deposit Insurance Corporation (CDIC). The CDIC is a crown corporation that was established in 1967 by the Canadian Parliament and its purpose is to provide insurance on bank deposits of up to $10,000.

Wealthsimple’s Referral Program

One aspect of learning how to use a Wealthsimple referral code is learning how their referral program works.

Essentially, you’ll get a referral code for whichever Wealthsimple service you want to refer people to. When the person you’ve referred completes certain actions within the app, such as making trades or signing up for services, you’ll get a Wealthsimple bonus as incentive for referring them.

This Wealthsimple bonus ranges from cash money to up to $9,000 in stocks. There are typically stipulations, and you’ll have to meet all of the eligibility requirements before you get the bonus, which is something else you’ll need to consider when learning how to use a Wealthsimple referral code.

This doesn’t work if the person you referred already has an account with Wealthsimple. So you’ll have to find people who haven’t signed up for their services yet.

Wealthsimple 1600X250 Comparewise - Comparewise

How to Get a Wealthsimple Referral Code

Wealthsimple AppReferral Codes
Wealthsimple CashUse code AUQHTY when you sign up to get $10.
Wealthsimple TradeUse code KKZH8A when you sign up to get free stocks.

Of course, if you’re trying to find out how to use a Wealthsimple referral code, then you’ll need to know how to get one. Fortunately, obtaining your own Wealthsimple referral code is quite a simple process.

Luckily getting a referral code is really simple. All you have to do is sign into your Wealthsimple account on your PC, or log into your app. Then navigate to the referral section if you’re on the PC or click the gift icon if you’re using the app.

From there you can copy your referral code and link and then paste it into emails, messages, social media, etc so that you can share your code online through nearly any text communication.

Is There a Time Limit on My Referral Code?

Learning how to use a Wealthsimple referral code means that you need to know about things like expiration dates or time limits and stipulation.

Aside from the stipulation that you must refer new users and existing users therefore don’t qualify, there is also a time limit on your Wealthsimple referral code. The person you send your Wealthsimple referral code to must open it within 30 days and create an account. If they don’t open the message and use your referral code to create an account within 30 days, then it doesn’t count as a referral.

Other Wealthsimple Referral Codes

Of course while learning how to use a Wealthsimple referral code, you need to know how to make the most of all of the offers you can get. One of the best ways to do this is to use someone else’s Wealthsimple referral code to get started.

In particular, this referral link from savvynewcanadians.com will provide you with $100 sign-up bonus. You also get a $150 rebate when you transfer stock from another investment account to Wealthsimple Trade. This means that you can receive up to $250 pretty much for free.

How To Use A Wealthsimple Referral Code - Claim Your Welcome Bonus - Comparewise

It’s important to know how to use a Wealthsimple referral code like this one. This link doesn’t require you to enter any codes, but some do. And you’ll be required to trade up to $250 in stocks or Exchange- Traded Funds (ETFs) to receive your $250 sign-up bonus.

Other places with referral links also provide you with a Wealthsimple Trade referral code. This Wealthsimple referral link from canadianrewards.net comes alongside a code. This is likely the best strategy when it comes to referring people. While you’re learning how to use a Wealthsimple referral code, send people both a link and your code for maximum efficiency.

Another Wealthsimple bonus that’s popular is two free stocks worth up to $9,000 ($4,500 apiece).

How To Use A Wealthsimple Referral Code-Iphone-Comparewise

Of course when you’re learning how to use a Wealthsimple referral code, it’s important to know that you can get referral codes for services beyond Wealthsimple Trade. For instance, you can use this link to sign up for Wealthsimple Crypto. When you use the referral code you’ll get a $50 bonus after you trade or buy $150 worth of cryptocurrency through Wealthsimple Crypto.

You can also get a referral code for Wealthsimple Cash. This link will give you $10 for signing up.

Wealthsimple Tax offers a referral code, too. This link will allow you to get $15 when you file your taxes with Wealthsimple Tax.

So, as you can see, you can make a chunk of change just by using other people’s referral codes when you sign up and get started learning how to use a Wealthsimple referral code yourself.

Which Account Types are Eligible for the Referral Promotion?

Another thing to keep in mind while you’re learning how to use a Wealthsimple referral code is that there are some account types that aren’t eligible for the referral promotion.

The only type of account that is eligible for this promotion is the non-registered personal account. This is the account type that most people that don’t own businesses or make a living out of trading stocks use, so it makes sense that the average person you refer will choose a non-registered personal account.

Other accounts that aren’t eligible for the referral promotion are RRSP (Registered Retirement Savings Plan) and TFSA (Tax-Free Savings Account) accounts. Of course, these accounts have drastically different purposes than a non-registered personal account. They’re for savings, whether they be tax-free or to help with retirement savings.

When Will I Get My Wealthsimple Referral Bonus?

Of course, if a company promises you a Wealthsimple bonus as an incentive for getting referrals then you don’t want to wait forever to receive it. So this is important information for anyone learning how to use a Wealthsimple referral code.

Luckily, you won’t be waiting around indefinitely for your Wealthsimple referral bonus. You can expect your Wealthsimple bonus to become available to you within 7 days of meeting the eligibility requirements for the referral bonus. So, for instance, if you used a Wealthsimple Trade referral code, then you’ll have to wait 7 days after the people you referred sign up for a non-registered personal account with Wealthsimple, if they signed up within 30 days of receiving your referral code.

How To Use A Wealthsimple Referral Code-Desktop-Comparewise

Can I Get My Wealthsimple Bonus if I Forgot to Use the Code?

This is important information if you’re learning how to use a Wealthsimple referral code. Of course a certain percentage of the people you refer will go ahead and sign up for an account but forget to enter your referral code. Wealthsimple has planned for that inevitability and included a system for this exact scenario. So while you’re learning how to use a Wealthsimple referral code you’ll need to remember this process so that you can walk the people you refer through this process if they forget to use your code:

  • Sign into the Wealthsimple app.
  • Click the gift icon.
  • Find the “I was referred by someone” button at the bottom of the screen and select it.
  • Enter the referral code.

What happens if someone you’ve referred doesn’t have the “I was referred by someone” button? Well, this likely means that it’s been more than 30 days since you sent the referral code. Unfortunately, this is the part of our how to use a Wealthsimple referral code tutorial where we tell you there’s nothing you can do to retrieve that referral.

Wealthsimple ProsWealthsimple Cons
+ Good for beginners
+ Referral bonuses
+ Free trades
+ No account minimum
+ Access to different investment options
+ Easy to operate online platforms
– Customer service lags
– High management fees
– The paucity of sophisticated finance tools
– Best services are restricted to the more robust plans

Drawbacks of Wealthsimple

One of the most important aspects of learning how to use a Wealthsimple referral code is knowing whether Wealthsimple is right for you. We can’t provide you with unbiased information about Wealthsimple if we don’t give you both points of view, so we’ll tell you about the drawbacks of Wealthsimple’s services, as well.

How To Use A Wealthsimple Referral Code - Claim Your Welcome Bonus - Comparewise

High Account Management Fees:

There’s a tradeoff with Wealthsimple’s services. There’s a $0 account minimum, which means that most anyone can start up an account with Wealthsimple. The problem is that they charge management fees of 0.50% on accounts of less than $100,000 and 0.40% on accounts with more than $100,000. This is far higher than many other online financial service providers charge. But this comes with a tradeoff too, because other financial service providers have account minimums of $500-$5,000.

Basically, you’re going to pay for having no minimum account balance. You’ll need to figure out whether paying the monthly account management fee is worth it too you to not deal with an account minimum.

Limited Financial Tools:

It’s important to know while you’re learning how to use a Wealthsimple referral code and trying to determine whether it’s the right service for you that Wealthsimple isn’t great for experienced investors. In fact, if someone has used a more robust financial advisory service, then they’re going to miss things like planning tools, calculators, and educational centers, none of which Wealthsimple provides.

While the simplicity of Wealthsimple’s services is great for newbies and those who want an automated, set-it-and-forget-it investment approach, those who want to play with various what-if scenarios so that they can better plan out various aspects of their financial future (like their retirement) won’t like Wealthsimple.

People with Higher Incomes Will Look Elsewhere

A 0.40% account management fee for over $100,000, even though it’s less than the 0.50% fee charged to accounts under $100,000, is still quite high. This means that while you’re learning how to use a Wealthsimple referral code, you should keep in mind that high-earners are probably not as well suited for Wealthsimple.

Seasoned Investors will Likely Pass on Wealthsimple

When you’re learning how to use a Wealthsimple referral code and who to send it to, you’ll probably need to know that most experienced investors will likely pass on Wealthsimple. One of the reasons is that it’s headquartered in the United States, but services clients in Canada and the United Kingdom. That won’t sound bad to many people because it means it’s accessible to lots of people.

But the issue that will make experienced investors think twice about it is that they’re not transparent about the fact that they’re based in the United States. Even while learning about Wealthsimple for this article we didn’t find out about where it was headquartered until we’d read several articles.

There Aren’t Many Customization Options

When it comes to creating a portfolio, Wealthsimple’s options are pretty plain. Of course, they do have Halal and socially conscious options, but beyond that their portfolio-building is pretty vanilla. This means that if you want an automated, hands-off and simple approach to investing, then Wealthsimple is a good fit.

But if you want to be able to customize your portfolio and choose your portfolio-building options, then Wealthsimple isn’t a good option for you. While you’re learning how to use a Wealthsimple referral code and who you should send it to, it’s worth knowing that this is another reason that seasoned investors will likely pass on Wealthsimple.

How To Use A Wealthsimple Referral Code - Crypto-Comparewise

Alternatives to Wealthsimple

While you’re learning how to use a Wealthsimple referral code, it’s important to find out whether Wealthsimple is the right choice for you. There are other financial advisory services that provide you with tempting promotions, as well. Here’s a look at some of the alternatives to Wealthsimple:

Sofi

If you’re learning how to use a Wealthsimple referral code and checking out alternatives, Sofi is a great one. There’s a 0% account management fee, as well as a $0 minimum, so it has Wealthsimple beat in that regard. Their promotion is free career counseling and discounts on loans if you make a deposit large enough to qualify.

Wealthfront

Wealthfront is a good alternative to Wealthsimple because their account management fee is 0.25%, which is 0.25% less than Wealthsimple’s. They do have a $500 account minimum. But they’ll also manage $5,000 worth of assets for free.

Betterment

Betterment charges a 0.25% account management fee, but they have a $0 account minimum much like Wealthsimple. Their promotion is that they’ll give you a year of free management if you make a deposit that qualifies you for the promotion.

How To Use A Wealthsimple Referral Code - Invest-Comparewise

How to Use a Wealthsimple Referral Code Conclusion

Wealthsimple AppReferral Codes
Wealthsimple CashUse code AUQHTY when you sign up to get $10.
Wealthsimple TradeUse code KKZH8A when you sign up to get free stocks.

If you want to learn how to use a Wealthsimple referral code, then the good news is that it’s quite simple. You just need to create an account and either click on the referral section (PC) or the gift icon (app) and then send it to the people you want to refer.

Referring people can qualify you for a slew of benefits, as well, as long as your referrals meet all of the eligibility requirements. And you can expect your referral bonuses within 7 days after your referral requirements have been met. Thanks for reading our guide on how to use a Wealthsimple referral code.

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FAQs about Wealthsimple Referral Codes

What is Wealthsimple?

Wealthsimple is a financial technology company. They use technological innovations to provide financial tools that are efficient, yet won’t break the bank. They aim to make financial services accessible to everyone, so they practically eliminate the paperwork that other financial institutions require to gain access to their financial services and tools.

What services does Wealthsimple offer?

Wealthsimple offers many services in Canada including apps for:

  • Tax
  • Invest
  • Crypto
  • Trade
  • Cash
  • Save
Who is Wealthsimple for?

Wealthsimple is a good idea for investors who are just starting out, with little cash to spare. This is because Wealthsimple has a $0 account minimum. The fact that there aren’t many features and tools to learn is also helpful to new investors, or those who have tried other more robust financial advisory services and found them to be too complicated for them.

Is Wealthsimple safe to use?

Yes, Wealthsimple is very safe. Every Wealthsimple account has the protection of the Canadian Deposit Insurance Corporation (CDIC). The CDIC is a crown corporation that was established in 1967 by the Canadian Parliament and its purpose is to provide insurance on bank deposits of up to $10,000.

How do I use a Wealthsimple referral code?

To use a Wealthsimple referral code, click on this link and follow the instructions to sign up. Once you create your account, you’ll get a free bonus!

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March 15, 2022
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