Use at signup for $25 cash — verified July 2026
What Is Wealthsimple?
Wealthsimple is a Canadian financial technology company founded in 2014 and headquartered in Toronto. It's grown into one of Canada's largest investment platforms, serving over 3 million clients. Its core products are:
- Wealthsimple Trade — self-directed stock and ETF investing
- Managed Investing — robo-advisor portfolio management
- Wealthsimple Crypto — buy and sell crypto assets
- Wealthsimple Cash (Chequing) — spending and saving account
Key Numbers at a Glance
| Feature | Detail |
|---|---|
| Stock & ETF trades (Canadian exchanges) | $0 commission |
| USD trades | 1.5% currency conversion fee |
| Managed Investing fee | 0.5% under $100k / 0.4% over $100k |
| Chequing account fee | $0, no minimum balance |
| Referral bonus | $25 cash (code UHGWMQ) |
| CIPF protection | Up to $1,000,000 on investment accounts |
| CDIC protection | On cash held in chequing (via partner banks) |
The $25 Bonus — Is It Legitimate?
Yes. The Wealthsimple referral bonus is real, not a promotional gimmick. When you sign up using code UHGWMQ and deposit $100 or more from an external bank within 30 days, Wealthsimple deposits $25 cash directly into your chequing account — typically within 24 hours of the deposit settling. There's no hold, no minimum balance requirement to keep it, and no strings attached beyond the initial deposit.
Putting $100 in and getting $25 back immediately is a 25% instant return on your first deposit. Even if you withdraw the $100 afterward (though you'd likely want to keep it invested), the $25 is yours.
Pros
- Commission-free trading on Canadian stocks and ETFs — no per-trade fees eating into returns
- Clean, simple app — good for investors who don't want to navigate complex platforms
- Integrated banking — chequing account, savings, and investing in one app
- $25 referral bonus with code UHGWMQ — free money for new clients
- 1% Transfer Match — an additional bonus for clients transferring $25,000+ from other institutions
- CIPF and CDIC protected — your money is as safe here as at a bank
- Supports all registered accounts — TFSA, RRSP, FHSA, RESP
Cons
- 1.5% USD conversion fee — trading US stocks or ETFs costs 1.5% each way, which adds up for frequent US traders
- No USD account — unlike Questrade, you can't hold USD to avoid conversion fees
- Limited research tools — no built-in screeners, advanced charting, or analyst reports
- Managed Investing fee — 0.5% is reasonable but not as low as buying index ETFs yourself
Who Should Sign Up
- First-time Canadian investors who want a simple starting point
- Anyone primarily investing in Canadian stocks, ETFs, or index funds
- People who want banking and investing in one app
- Anyone eligible for the $25 referral bonus — it's genuinely free money
- Clients moving $25,000+ from another institution (for the 1% Match bonus)
Who Might Be Better Served Elsewhere
- Active traders who frequently buy US stocks or ETFs (consider Questrade for USD accounts)
- Investors who need advanced charting, screening, or options trading
- Existing Wealthsimple clients (the $25 bonus is for new accounts only)
Bottom Line
Wealthsimple is the easiest on-ramp to investing in Canada. The platform is well-designed, the fees are competitive, and the $25 bonus with code UHGWMQ is a genuine free incentive. If you're a new Canadian investor or looking to consolidate your banking and investing, it's hard to make a wrong choice here.
Sign up at wealthsimple.com/invite/UHGWMQ
Frequently Asked Questions
Independent site. Not affiliated with Wealthsimple Inc. Verify current terms at wealthsimple.com. → Back to all articles