How to Use a Wealthsimple Trade Referral Code

How to Use a Wealthsimple Trade Referral Code

There are so many trading platforms on the market today that it can be difficult to choose the right one. They all have different fees, services and promotions, which makes the decision even harder. Wealthsimple is a great financial platform, and their Wealthsimple Trade service offers several unique features and prices that are appetizing to both seasoned trade veterans and newbies, alike.

But one of their best promotions is their referral program. If you make referrals that qualify, then you can redeem a benefit (like Wealthsimple free stocks). In this article, we’ll tell you everything you need to know about Wealthsimple Trade and how to use a Wealthsimple Trade 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.

What is Wealthsimple Trade?

Of course, one of the first things you need to know in regard to how to use a Wealthsimple trade referral code is what Wealthsimple Trade is.

Wealthsimple Trade is a self-directed investment platform, which means that you’re in control of choosing stocks, buying and trading them. (They also have an automated investing service called Wealthsimple Invest, which pairs well with Wealthsimple Trade.)

Most appealingly, Wealthsimple Trade was one of the first investing platforms to offer $0 commission fees. They took that notion a bit further and decided not to charge withdrawal, maintenance, or inactivity fees, either.

Anyone who has dealt with other investment platforms knows that all of these fees can really add up, so it’s nice to see them removed from Wealthsimple Trade.

That’s one of only a few of Wealthsimple Trade’s features. We’ll cover more under the “Features” section of this how to use a Wealthsimple Trade referral code article.

Wealthsimple History and Reputation

You may wonder why the history and reputation of a company are important to an article about how to use a Wealthsimple Trade referral code.

It’s actually incredibly important in this day and age. Because it’s a company that provides investment and financial services, it makes a lot of sense to learn about the company before trusting them with your finances.

Wealthsimple was started by Michael Katchen, a Canadian businessman who had his hand in the creation of, as well.

After selling his company, 1000memories, to in 2012, Katchen developed a spreadsheet to help people learn how to create investment portfolios without having to depend on expense advisors. And that’s how Wealthsimple was born. Katchen established the financial platform in 2014.

In 2015, he bought Canadian ShareOwners Investments Inc, which was a cheap stock trading company. This acquisition gave him 10,000 new customers, and more than $400 million in assets managed by his company. Then.

The Power Corporation of Canada (POW) invested in Wealthsimple. POW is owned by one of the richest families in Canada, the Desmarais family. Paul Desmarais grew the small company into a financial powerhouse and owned more than 70% of the platform before his death.

While you’re learning how to use a Wealthsimple Trade referral code, it’s good to know about Wealthsimple Trade’s reputation, as well. The people you refer will surely ask.

In 2021, Wealthsimple announced that it raised a $750,000 investment, which was one of the biggest investments raised in Canadian history.

In the same Tweet, they announced that Canadian-born rapper, Drake, had invested as well, and that investment gave them an over $5 billion valuation. Actors Michael J. Fox and Ryan Reynolds have also invested in the company.

Wealthsimple now has over $10 billion in assets that it manages, and more than 1.5 million users.

Other Wealthsimple Platforms

While learning how to use a Wealthsimple Trade referral code, it’s a good idea to learn about some of Wealthsimple’s other platforms so that you can tell the people you refer about them. Here’s a look at Wealthsimple’s other platforms:

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 an automated investment tool. You just answer the questions that the setup wizard asks about investment goals and risk tolerances, and it goes to work creating a personalized investment portfolio for you with ETF (Exchange Transfer Funds).

This allows you to invest your money across the stock market, and the whole process only takes about 5 minutes.

This goes well with Wealthsimple Trade, so its’ a good idea to learn about Wealthsimple Invest while you’re learning how to use a Wealthsimple Trade referral code.

Wealthsimple Cash

This is a bit like a Canadian version of Venmo. It’s a P2P (Peer-to-Peer) payment service. Money can be sent instantaneously through the app. It’s free to use, and you get a prepaid card to connect with your account.

Wealthsimple Crypto

This is a cryptocurrency trading platform that you can find through Wealthsimple Trade, so it’s important that you learn what it is along with how to use a Wealthsimple Trade referral code because the people you refer are likely to see it and ask questions about it.

Wealthsimple Crypto doesn’t require a minimum deposit to get started and they allow you to choose from 25 different types of popular coins. There’s a fee to buy or sell your cryptocurrency, but they don’t charge fees to move money in CAD, or to transfer crypto to or from their platform.

Wealthsimple Tax

This is software to file your taxes yourself, without consulting a specialist. There are several great features, including a guarantee to get you a maximum refund, refunding you the difference if someone else gets you a better refund, and letting you choose how much you pay for their tax filing services- even if that’s $0.00. An upgraded membership gets you priority support and audit services, too.

How to Use a Wealthsimple Trade Referral Code

Here are the instructions for how to use a Wealthsimple Trade referral code so that you can walk the people you refer through the process.

  1. Use the referral link or code to open a Wealthsimple Trade account. The code gets applied automatically with a Wealthsimple Trade referral link.
  2. Add money to your account via an EFT transfer.
  3. Trade $150 or more in stocks to qualify for Wealthsimple 2 free stocks.

Wealthsimple Free Stock

Another thing you need to know when learning how to use a Wealthsimple Trade referral code is how much the free stock is worth.

The person you refer gets 2 free stocks. Each stock is worth between $5 and $4,500. That means they could wind up with $9,000 in free stock.

Wealthsimple estimates that most people end up with 2 pieces of stock that are less than $50 each. Altogether, they typically get less than $100 worth of free stock, so temper your expectations accordingly. Still, it’s nice that you have the chance to get up to $9,000 in free stock.

It’s also worth noting that Quebec residents don’t qualify for the promotion and will receive $25 in cash instead.

As of this writing of our how to use a Wealthsimple Trade referral code article in March 2022, you now get 3 random stocks, rather than 1.

Before, the person you referred would get 2 free stocks while you got 1. So, it’s nice that they’ve changed this and put more value on the person doing the referring.

After all, when you refer new customers to a company, you’re doing all the advertising work in this transaction, while they make money from your referrals.

How to Get a Referral Code

One of the most important aspects of learning how to use a Wealthsimple Trade referral code is knowing how to get your code.

If you’re on the Wealthsimple website, click the button marked “Rewards” to receive a referral code and a link. If you’re on the app, click the gift icon.

Once you have your referral code and link, you can copy and paste them to share them on your blog, website, social media, or through messages.

wealthsimple 0 commission - comparewise

Referral Code Stipulations

When learning how to use a Wealthsimple Trade referral code, it’s important to keep in mind that your referrals have to meet certain criteria to qualify for the bonuses. Here are the stipulations for Wealthsimple Trade’s referral program:

  • You have to refer new customers: If you try to refer someone who already has an account with Wealthsimple Trade, then that referral won’t count towards benefits. When learning how to use a Wealthsimple Trade referral code, it’s important to remember that each referral must result in a new customer.
  • They have to add money to their account and trade stock: The people you refer have to trade $150 or more in stock to qualify for benefits.
  • They have to meet all of the stipulations within 30 days: There’s a theoretical countdown clock on every referral link you send out. People you refer have 30 days to make a new account and trade at least $150 in stock so that the referral is considered to be eligible.
  • Any account type is eligible: For the Wealthsimple Trade referral, a non-registered personal account (which is for individuals trading, rather than professional traders), or TFSA or RRSP accounts (both of which are for businesses and professional traders) are eligible. Referral codes on other Wealthsimple platforms are only eligible with non-registered personal accounts, so this is a nice allowance.

Wealthsimple Trade Fees

This section is an important read when learning how to use a Wealthsimple Trade referral code. Of course, you already know that Wealthsimple doesn’t charge commission fees.

But they wouldn’t make money if they didn’t charge any sort of fees, would they? Here’s what you need to know about Wealthsimple Trade’s fees.

If you use Wealthsimple Trade Premium, there’s a $3 monthly fee, which isn’t bad as far as premium service fees go.

If you trade EFTs or stocks listed in USD, then there’s a foreign currency exchange fee to convert them to CAD. This fee can be as much as 1.5%.

Is it Safe to Use Wealthsimple Trade?

Of course, while you’re learning how to use a Wealthsimple Trade referral code, you need to know the answer to this question because the people you refer will have questions about its safety.

You should know that Wealthsimple is a member of the CIPF (Canadian Investor Protection Fund). This means that each customer’s funds are insured up to $1,000,000 to protect against bankruptcy.

Wealthsimple is also regulated by the IIROC (Investment Industry Regulatory Organization of Canada). This means that the company is government- regulated.

For extra peace of mind, we’d also like to point out the online security measures that Wealthsimple takes. They use the same level of encryption to protect your funds and your account that banks and other financial institutions provide.

Furthermore, some of the largest and most trustworthy banks in the world back Wealthsimple, so you can rest easy and remain assured that Wealthsimple is safe to use.

What’s the Difference Between Wealthsimple Trade and Wealthsimple Invest?

It’s important to know the difference between these two trading platforms while learning how to use a Wealthsimple Trade referral code so you can explain it to the people you refer.

The major difference between Wealthsimple Trade and Wealthsimple Invest is that Wealthsimple Trade is self-directed, while Wealthsimple Invest is automated.

This means that with Wealthsimple Trade, you’re in control of choosing the stocks and EFTs that make up your portfolio. However, Wealthsimple Invest chooses stocks and EFTs for you and creates a portfolio for you.

What Happens if the Person I Refer Doesn’t Click the Link?

Another important thing to note while learning how to use a Wealthsimple Trade referral code is what to do if the person you refer doesn’t open the link you sent them. Here’s how they can still complete the process and give you credit for the referral:

  1. Sign into the Wealthsimple Trade app or on the website after creating an account.
  2. Either click the gift icon in the app or hit the “Reward” button on the website.
  3. Hit the button that says, “I was referred by someone”.
  4. Enter the referral code.

If they don’t see an “I was referred by someone” button, then they’ve missed the 30- day deadline and you can’t get credit for that referral code.

Wealthsimple Trade Premium

Of course, while people are checking out Wealthsimple Trade, they’re going to want to know whether Wealthsimple Trade Premium is worth checking out, so we’re going to give you the basics of this feature while teaching you how to use a Wealthsimple Trade referral code.

Wealthsimple Trade Premium gives you market data in real- time, rather than making you deal with the 15-minute delay that comes standard with the default version. Your deposit maximum goes up to $1,000 from $250, as well, with no holds.

It only costs $3 per month (plus tax) for Wealthsimple Trade Premium. Here are the steps to upgrade to Wealthsimple Trade Premium:

  1. Log into your account using the app.
  2. Click the profile icon in the top left corner.
  3. Click the “Settings” button.
  4. Under “Subscription”, click “Premium”.
  5. Select the “Upgrade” button.
  6. Choose which account you want your monthly subscription to come from.
  7. Click “Confirm”.

When Do I Get My Bonus?

This is the most important part of learning how to use a Wealthsimple Trade referral code to some people.

Once your referral has met all of the eligibility requirements, (see the “Referral Code Stipulations” section of our how to use a Wealthsimple referral code article) you’ll receive your bonus on your account within 7 days.

Wealthsimple Trade Features:

Another thing you’ll need to know about Wealthsimple Trade while learning how to use a Wealthsimple Trade referral code is its features. It’s likely that this is what the people you refer will ask about the most. Here’s a look at Wealthsimple Trade’s features:

Fractional Shares

If you don’t want or can’t afford to buy a whole share, this feature allows you to make investments in companies by purchasing a fraction of a share. So if a stock costs $10 and you pay $1, you’ll have 10% of a share.

No Minimum Balance

One of the features you need to take note of while learning how to use a Wealthsimple Trade referral code is that they don’t require a minimum balance. Many other trading platforms require you to transfer a certain amount of money to your account before they allow you to start making trades.

Instant Deposits

You’re able to transfer a maximum of $250 to your account, which is available immediately, and you can start trading quickly. If you make a large deposit, then you’ll have to deal with a hold. It can take up to 3 days for money on hold to clear so you can use it to start trading.

Wealthsimple Premium

There are lots of benefits to this monthly subscription service, and to read more about it, you can check out the “Wealthsimple Trade Premium” section of our how to use a Wealthsimple Trade referral code article.


Another thing you need to know when learning how to use a Wealthsimple Trade referral code is that if you sign up for a Wealthsimple Crypto through Wealthsimple Trade, you gain access to 25 different types of cryptocurrency coins that you can trade from your portfolio on Wealthsimple Trade.

Drawbacks of Wealthsimple Trade

When you’re learning how to use a Wealthsimple Trade code and checking out the company, it’s important to know about its drawbacks, as well. So here are some of Wealthsimple Trade’s shortcomings:

Limited Investment Types: You’re limited to trading stocks, EFTs and the cryptocurrencies that are offered by Wealthsimple Crypto.

Limited Account Types: There are three account types: RRSP, TFSA and non-registered personal. This means you can’t open RESP or marginal accounts.

Quote Lag: On a default account (not Premium) you have to put up with a 15- minute delay on stock quotes. To get quotes in real-time, you have to sign up for Wealthsimple Trade Premium.

You Can’t Make a USD Account: Instead, you have to convert CAD to USD to buy USD stock. To sell the stock you have to change your USD profits to CAD. This can be a hassle for Canadians buying USD stock. But it’s also a bummer for Americans considering Wealthsimple Trade.

Lack of Research Tools: It’s important to know about this drawback while learning how to use a Wealthsimple Trade referral code because it means that seasoned investors will probably pass on this platform. There are plans to introduce more research tools in the future, but for now the tools that they offer are scant.

Fees on Wire Transfers: EFTs are free, but if you transfer money from your bank account with a wire transfer, they charge $30- every time.

3 Day Hold on Deposits Over $250: For an app that advertises itself as being simple and easy to use, this is a major drawback.

Anyone trading stock knows that it’s not uncommon to need to spend more than $250 at a time, so the fact that the hold is on such a low amount is annoying, and so is the fact that it takes so long to clear.

How to Use a Wealthsimple Trade Referral Code Conclusion

Wealthsimple Trade is a great investment trading platform for beginners. It has a few drawbacks, and there are stipulations to its referral program that you should learn about while figuring out how to use a Wealthsimple Trade referral code.

But overall, you’ll likely find that Wealthsimple Trade is a good way to get yourself started making investments in Canada.

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November 3, 2022
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