Crypto

How do I open a Wealthsimple Invest account?

So glad you asked! Opening an account is really easy and can be done in a few short steps:

  1. First, complete the online application. From our homepage, click “Get Started” and follow the prompts. You'll give us some basic information, answer a few questions about your previous investment experience and e-sign one or more Investment Management Agreements.
  2. Bank verification: Verify and connect a bank account by securely authenticating your online banking. If you prefer, banking can always be verified manually by uploading a bank statement, screenshot of your bank account or void cheque.
  3. Suitability call: Depending on your risk requirements, regulations require that you have what's called a “suitability call” with one of our Portfolio Managers. It's a short conversation about you, your investment goals and your previous investing experience to make sure we're doing what's best for you.
  4. That's it! Your account should be up and running in less than 5 business days.

If you get stuck and need a little help, please give our Relationship Management team a call at 1-(855) 255-9038 or create a request.

How do I fund my Wealthsimple Invest account?

We do our best to keep all our articles up-to-date, but the information on this page is subject to change at any time, without notice. If you have questions, you can view our article on money movement here or reach out to our team.

There are 3 easy ways to fund your Wealthsimple account:

  1. One-time transfer from a chequing account: A one-time transfer of funds from your bank account to your Wealthsimple account. Once initiated, we will pull the requested amount for your bank account on file and will deposit it into the specified Wealthsimple account. 
  2. Automatic recurring deposits: A certain amount of money is automatically withdrawn from your chequing account and contributed to your Wealthsimple account on a regular basis. The timeframe is up to you and we can help you set up weekly, bi-weekly, or monthly contributions.
  3. Transferring an existing investment account: First, make sure you have the specific account type (RRSP, TFSA, etc.) open with Wealthsimple. Then you can transfer an existing account from another institution to Wealthsimple. 

You can find more information on how long these options take, here. 

Click the links above for a step-by-step guide on how to complete your transaction. If you have any questions or need help funding your Wealthsimple account, please create a request for our Relationship Management team.

How to set up a one time contribution?

You can make a one time deposit into your Wealthsimple account by choosing "Just this once" in the frequency section of the Funding Page.

How do I set one up?

  1. Login to your Wealthsimple account
  2. Click the 'Add funds' button
  3. Select the account you'd like to fund
  4. Select the bank account you'd like to fund from
  5. Enter the amount
  6. Schedule the frequency for "Just this once"
  7. Choose a date for the one-time contribution
  8. Click 'Submit Deposit' and you're done!

How do I transfer money from a chequing account?

You can initiate a one-time transfer of funds from your bank account to your Wealthsimple account in just a few minutes by following these steps:

From the website

  1. Login to your Wealthsimple account
  2. Click the 'Add funds' button
  3. Select the Wealthsimple account you would like to transfer funds into
  4. Select the bank account you would like to transfer funds out of
  5. Enter the amount you'd like to transfer
  6. Schedule the frequency of the transfer (if this a one-time contribution select "Just this once")
  7. Choose a date for the transaction
  8. Click 'Set new contribution'

 

From the app

  1. From your Wealthsimple account click the 'Add funds' button
  2. Enter the amount you'd like to transfer
  3. Schedule the frequency of the transfer (if this a one-time contribution select "Just this once")
  4. Select the Wealthsimple account you would like to transfer funds into
  5. Select the bank account you would to transfer funds out of
  6. Select the date for the transfer to start
  7. Finally 'Slide to submit your deposit'

If you need any help, please reach out by submitting a request.

How do I set up automatic recurring deposits (PACs)?

PAC stands for "Pre-Authorized Contribution" plan. Under this plan, a certain amount of money is automatically withdrawn from your chequing account and contributed to your Wealthsimple account on a regular basis. The timeframe is up to you and we can help you set up weekly, bi-weekly, or monthly contributions. And it's free!

Why should I set up a PAC?

Simply put, it's a great way to build wealth by setting aside a portion of your paycheck. A PAC plan will automatically invest your money at regular intervals and this will provide tremendous long-term benefits as your returns compound. We believe in a time-tested piece of financial advice: "Invest early, invest often." Visit our Plan Page to see how much you can save over time when you set up recurring automatic contributions!

How do I set one up?

  1. Login to your Wealthsimple account
  2. Click the 'Add funds' button
  3. Select the account you'd like to fund
  4. Select the bank account you'd like to fund from
  5. Enter the amount
  6. Schedule the frequency of the PAC
  7. Choose a date for the PAC to begin - this is customizable!
  8. Click 'Set new contribution' and you're done!

You can change your plan at any time by simply canceling your existing PAC from the “Add funds” page and setting up a new PAC.

Cancel_Pac.png



If you have any questions about setting up or changing your plan, please create a request and our Relationship Management team will assist.

How do I add or change my banking details?

Wealthsimple uses a secure service to verify your bank account information. It's the quickest way to safely link your bank account to your Wealthsimple account.

To add a new bank account, log in to Wealthsimple, go to the “Funding” tab and click “Add another bank account.” You'll be asked to select your bank and enter your online banking details. If you're new to Wealthsimple, you'll be prompted to do this when setting up your profile.

If your bank isn't listed or if you'd prefer to verify your bank account manually, please click here for step-by-step instructions on how to do that.

If you require any further assistance linking your bank please contact support.

How do I transfer an existing investment account to Wealthsimple Invest?

We do our best to keep all our articles up-to-date, but the information on this page is subject to change at any time, without notice. If you have questions about how long it takes to deposit, transfer, withdrawal or trade your funds, you can view our article on money movement or reach out to our team.

You can transfer an existing investment account (ie. RRSP, TFSA, Personal, etc.) from another institution by following the below steps. We also recommend checking out our guide to learn how you can prevent your transfer from being rejected.

Instructions to transfer from your desktop:

  1. Navigate to the "Move funds" page while signed in to your Wealthsimple Invest account.
  2. Click "Transfers".
  3. Follow the prompts to fill out details associated with the account at your current institution.
    1. Note: If you're unable to find your institution after typing it into the search bar, please click "I don't see my financial institution" and fill in the institution name manually. You may then see the following prompt: "This institution does not support electronic transfers. To continue, please confirm this is the correct institution name." Feel free to click "Yes, it's correct" in order to move forward in the set-up process.
  4. You'll be asked whether you want to transfer your investments “as cash” or “as is.” There can be fees associated with how you transfer your investments, so it's important to understand what the options are. You can read more about that here.
  5. The final step will be to digitally sign off on your transfer request!
  6. We'll take it from here and will reach out if anything further is required from you in order for us to complete the transfer request! 

If you have any additional questions, please create a request and our Relationship Management team can assist.

 

How can I deposit funds to my Wealthsimple Trade account?

Currently, the only way to move funds into your Wealthsimple Trade account is through the Electronic Funds Transfer (EFT) method and through institutional transfers. EFTs are where you link a chequing or savings bank account to your profile and submit a deposit request in the app. The maximum amount we can accept per EFT is $50,000. Institutional transfers can be initiated from the "Transfers" page in the app and involve moving an existing investment account you currently have at another institution over to Wealthsimple Trade!

We have a lot planned for this platform, so these lists may change over time! (This being said, we do not currently have timelines on which additional funding methods will be supported and when). 

Wealthsimple Trade currently supports the following methods of funding: 

  • Electronic Funds Transfer (EFT) through a linked bank account (max $50K per deposit)
  • Institutional transfers (moving existing investment accounts)

Wealthsimple Trade does not currently support the following methods of funding:

  • Bill payment method (initiating a deposit from your bank account with your Trade account as the payee) 
  • Deposits from Line of Credit accounts or Credit Cards
  • Wire transfers*
  • Mailing in of cheques 

*Note that if you wish to wire an amount greater than $50K our team may be able to make arrangements for a $30 fee. Please submit a request for more details. 

Can I transfer cash or assets between my Wealthsimple Trade accounts?

Wealthsimple now supports the ability to move cash between your Trade and Wealthsimple Crypto accounts. 

Simply tap Funding and then Move Funds and the money should arrive in one business day.

We currently only support the below transfers (in-cash only) but we are planning to extend this to other accounts and provide in-kind transfers in the future!

  • Personal to Crypto
  • Crypto to Personal
  • TFSA to Personal
  • TFSA to Crypto


Please note that transferring funds to accounts may carry tax and/or contribution implications.

New listing on Wealthsimple Trade

 

Company Symbol Exchange Date Added
Airbnb Inc.
ABNB NASDAQ 12/10/2020
DoorDash Inc.
DASH NASDAQ 12/09/2020
Elanco Animal Health Inc.
ELAN NYSE 12/07/2020
Equitable Holdings Inc.
EQH NYSE 12/07/2020
Eastern Bankshares Inc.
EBC NASDAQ 12/07/2020
Switchback energy acquisition C
SBE NYSE 12/07/2020
Pivotal Investment Corporation 2
PIC NYSE 12/07/2020
CleanSpark, Inc. CLSK NASDAQ 12/07/2020
Hennessy Capital Acquisition Corp IV
HCAC NASDAQ 12/07/2020
Pershing Square Tontine Holdings
PSTH NYSE 12/07/2020
Telos Corporation
TLS NASDAQ 12/07/2020
Sotera Health Company
SHC NASDAQ 12/07/2020
Maravai LifeSciences Holdings, Inc.
MRVI NASDAQ 12/07/2020
Nio Inc. NIO NYSE 12/07/2020
Bally's Corp BALY NYSE 12/07/2020
Tattooed Chef TTCF NASDAQ 12/07/2020
RMG Acquisition Corp
RMG NYSE 12/07/2020
cbdMD YCBD NYSE 12/07/2020
ATEA PHARMACEUTICALS, INC. AVIR NASDAQ 10/30/2020
ALLEGRO MICROSYSTEMS, INC. ALGM NASDAQ 10/29/2020
MediaAlpha, Inc. MAX TSE 10/28/2020
ROOT, INC. ROOT TSE 10/28/2020
Guild Holdings Company GHLD NYSE 10/22/2020
McAfee Corp. MCFE NASDAQ 10/22/2020
Datto Holding Corp. MSP NYSE 10/21/2020
ARRAY TECHNOLOGIES, INC. ARRY NASDAQ 10/15/2020
Academy Sports + Outdoors ASO NASDAQ 10/2/2020
Mission Produce, Inc. AVO NASDAQ 10/1/2020
Sailpoint Technologies SAIL NYSE 10/7/2020
Twist Bioscience Corp TWST NASDAQ 10/21/2020
TOMI Environmental TOMZ NASDAQ 10/21/2020
FULGENT GENETICS INC FLGT NASDAQ 10/01/2020
REDFIN CORP RDFN NASDAQ 10/01/2020
T2 BIOSYSTEMS INC TTOO NASDAQ 10/01/2020
Palantir Technologies Inc. PLTR NYSE 9/30/2020
Asana Inc. ASAN NYSE 9/30/2020
Unity Software Inc. U NYSE 9/18/2020
Snowflake Inc. SNOW NASDAQ 9/17/2020
Bionano Genomics Inc. BNGO NASDAQ 8/26/2020
Novan Inc. NOVN NASDAQ 8/26/2020
Nikola Corp. NKLA NASDAQ 8/26/2020
Genprex Inc. GNPX NASDAQ 8/26/2020
Trevena Inc. TRVN NASDAQ 8/26/2020
Sunrun Inc. RUN NASDAQ 8/26/2020
Genocea Biosciences Inc. GNCA NASDAQ 8/26/2020
Coeur Mining Inc CDE NYSE 8/26/2020
Valaris plc (Class A) VAL NYSE 8/26/2020
Amplify Energy Corp. AMPY NYSE 8/26/2020
Fortress Value Acquisition Corp (Class A) FVAC NYSE 8/26/2020
Boxlight Corp BOXL NASDAQ 8/26/2020
Waitr Holdings Inc. WTRH NASDAQ 8/26/2020
Phunware Inc. PHUN NASDAQ 8/26/2020
Luokung Technology Corp. LKCO NASDAQ 8/26/2020
Zosano Pharma Corp. ZSAN NASDAQ 8/26/2020
Exela Technologies Inc. XELA NASDAQ 8/26/2020
Albertsons Companies Inc (Class A) ACI NYSE 8/26/2020
ADT Inc ADT NYSE 8/26/2020
Ally Financial Inc ALLY NYSE 8/26/2020
Antero Midstream Corp AM NYSE 8/26/2020
Bloom Energy Corp BE NYSE 8/26/2020
BJs Wholesale Club Holdings Inc BJ NYSE 8/26/2020
Borr Drilling Ltd BORR NYSE 8/26/2020
Casper Sleep Inc CSPR NYSE 8/26/2020
Camping World Holdings Inc CWH NYSE 8/26/2020
e.l.f. Beauty Inc ELF NYSE 8/26/2020
Euronav NV EURN NYSE 8/26/2020
Evolent Health Inc EVH NYSE 8/26/2020
Express, Inc. EXPR NYSE 8/26/2020
Fiverr International Ltd FVRR NYSE 8/26/2020
Genesis Healthcare Inc GEN NYSE 8/26/2020
Globus Medical Inc (Class A) GMED NYSE 8/26/2020
Graf Industrial Corp GRAF NYSE 8/26/2020
Independence Contract Drilling Inc ICD NYSE 8/26/2020
Levi Strauss & Co. LEVI NYSE 8/26/2020
Myovant Sciences Ltd MYOV NYSE 8/26/2020
Party City Holdco Inc PRTY NYSE 8/26/2020
Propetro Holding Corp PUMP NYSE 8/26/2020
Shake Shack Inc SHAK NYSE 8/26/2020
Spartan Energy SPAQ NYSE 8/26/2020
Scorpio Tankers Inc. STNG NYSE 8/26/2020
YETI Holdings Inc YETI NYSE 8/26/2020
Zuora Inc (Class A) ZUO NYSE 8/26/2020
DocuSign Inc. DOCU NASDAQ 8/26/2020
Arcimoto Inc. FUV NASDAQ 8/26/2020
OKTA Inc. OKTA NASDAQ 8/26/2020
Tortoise Acquisition Corp. SHLL XNYS 8/26/2020
Upwork Inc UPWK NASDAQ 8/26/2020
Vir Biotechnology VIR  NASDAQ  10/11/2019 

BioNTech SE

BNTX  NASDAQ  10/10/2019

We're not recommending or suggesting that you buy these or any other security, and you should always do your research to make informed investing decisions.

 

Why can't I find the particular stock or ETF I'm looking for?

There could be a few reasons why a particular asset you're searching for is not appearing in the app. 

First, we recommend double-checking that you have the spelling of the company or symbol correct (it happens)! 

Second, verify that the asset you're looking for is indeed either a stock or ETF! Any other asset type is not currently supported (such as options, preferred shares, Mutual Funds, GICs, etc. - see a full list here). Assets must also be CDS eligible in order to appear in the app.

Next, we currently only support trading on these exchanges (NYSE, NASDAQ, TSX, TSX-V and NEO). If the asset you're looking for is listed on another exchange or is traded Over-the-counter (OTC) you will be unable to purchase it on this platform. The asset will also not appear if it has been delisted. 

If you're still not seeing the asset, it could mean that it does not meet some of Wealthsimple's requirements. We impose a price constraint of $0.50 per share minimum (based on the 52-week high of the stock) as well as a volume constraint where average daily volume must exceed 50,000 shares. Note that both of these constraints only apply to stocks and not ETFs.

In addition, if the asset is listed on both a US exchange and a Canadian exchange (i.e. it is a dual-listed security), we currently will only support the asset listed on the Canadian exchange.

If you own a stock or ETF within your Trade account that is no longer supported, we'll still allow you to sell it as long as the stock has not been delisted and is still being traded (there can sometimes be other reasons we cannot sell a stock that are beyond our control). You'll just be unable to purchase additional shares. 

To summarize, in order to purchase an asset on Trade, it must: 

  • be a common stock or ETF,
  • be actively listed on a supported exchange (NYSE, NASDAQ, TSX, TSX-V and NEO), 
  • be CDS eligible,
  • have a 52-week high price that exceeds $0.50 (stocks only, excl. new issues like IPOs), 
  • have an average daily volume that exceeds 50,000 shares (stocks only, excl. new issues like IPOs),
  • and be the Canadian-listed security if dual-listed

If you believe the security you're interested in satisfies all of the above criteria and you still can't find it, it's likely that the security is not CDS eligible, as this information can be difficult to find on public resources. For example, Disney is not currently CDS eligible and therefore not available on the Trade platform.

If you'd like to request a stock that's not currently available on the Trade platform, please feel free to add then to the feedback survey below!

Wealthsimple Trade Stock and ETF Request Form

While the form doesn't guarantee we will add your requested securities to the platform, we will be monitoring this to help make the Trade experience better!

We're constantly updating which assets we support, so the list of available assets will likely grow over time! 

For more information on how to search for a stock or ETF, check out our article here

Can I invest in a company on the day of its Initial Public Offering (IPO)?

Good question! First, it's important to understand that there's a difference between directly participating in a company's IPO versus trading the company's shares in the secondary market on the day it IPOs. The former means that you'd be one of the first to own a public share of the company because you purchased the shares directly from the company or from another investor in the company selling their shares in the IPO. The latter means buying and selling shares on the open market after the shares begin publicly trading.

Wealthsimple Trade does not support the ability to directly participate in a company's IPO at this time, but we generally support the trading of shares sold in an IPO once they begin publicly trading.

For a company that IPOs in Canada, shares will generally appear in our app shortly after they begin public trading. For a company that IPOs in the United States, Wealthsimple aims to support trading of shares on the day the company IPOs, so long as the company meets our eligibility criteria and has a market capitalization of US$1 billion or more*.

It's important to remember that shares sold in an IPO will not appear in our app until after they become available to the secondary market for trading. This means that the shares may not appear in the app for several hours after markets open. 

*This is the threshold whereby Wealthsimple Trade will request a company's shares to be made CDS eligible (a criterion for being listed on the Trade platform). If another dealer requests a company's shares to be made CDS eligible, we may also support trading that company's shares the day of the IPO, even if the company's market capitalization is below US$1 billion.

How can I transfer my pension to Wealthsimple?

Which accounts can I transfer?

You can transfer your Registered Pension Plan (RPP), Defined Contribution Pension Plan (DCPP), and Deferred Profit Sharing Plan (DPSP) to your Wealthsimple account so long as your employer is no longer making contributions to the plan. If you are unsure about if you can transfer your account to Wealthsimple, please contact us so that we can help out!

Do I transfer to an RRSP or LIRA?

If the funds in your employer plan are "locked in" they'll need to be transferred into a Wealthsimple LIRA account. You can open a new LIRA on the Add Account Page. You will want to ensure that the jurisdiction of the LIRA you open at Wealthsimple is the same as your existing account holding your pension funds. If the funds aren't locked in, they can be transferred into your RRSP.

What transfer documents do I need to complete?

We'll handle this for you unless you have been instructed to initiate the transfer your end. Just fill out this form and we'll reach out to you to sign off or to explain the process (if it's a bit more complex!).

If you are going to be initiating the transfer on your end, all the information required for a pension transfer should be outlined in a pension transfer package you may have received from your employer. If you haven't received a pension transfer package please contact your employer to request this package. If they don't provide you with a package, we can move forward using a T2151 form. The T2151 form is the transfer form specifically for pension transfers, which is attached to the bottom of this article can be completed using the information below.

If your employer doesn't provide a transfer package and specifies that you don't require a T2151 you can complete your transfer by following this guide.

Important details to help you complete the transfer documents:

Make sure to list "Canadian ShareOwner Investments" as the receiving institution. This is our back office. Their information is as follows if needed:

Name of Receiving Institution: Canadian Shareowner Investments Inc
Address: 862 Richmond St W #201, Toronto, ON M6J 1C9
Specimen Plan Number/CRA Registration Number: RSP 521-145

Your CRA registration number can be found on your statement as well as your plan number.

Note: if you are completing the T2151 and are transferring into a LIRA, in Part D, please select the first option on the left. Then on the line that reads "RRSP plan number and name" please put your Wealthsimple LIRA account number followed by "LIRA".

You can find the account number for your LIRA or RRSP at any time in the My Documents section of our website. They are listed in each of your trade confirmations, monthly statements, and Investor Policy Statement

If you require any further assistance with this process please contact us.

What's the fee schedule for Wealthsimple Trade?

Everyday Fee Schedule 

Below is a list of fees associated with normal day-to-day transactions. The only trading fee we charge is a currency exchange fee for USD trades of the daily corporate rate x 1.5% — most brokerages charge around 2% on top of this rate for currency conversion. 

Description Amount
Commission for US & Cdn listed securities $0
Account Opening  $0
Account Closing  $0
Deposits via Bank Transfer (EFT) $0
Withdrawals via Bank Transfer (EFT) $0
Electronic Statements & Trade Confirmations $0
Inactive account $0
Foreign Exchange Fee (CAD ⇆ USD) Corporate Rate x 1.5%
(most brokerages charge around 2%)
Outgoing account transfers to another institution  $0

*Please note that Wealthsimple Trade does not currently accept mailed cheques

By-request transactions or special & extenuating circumstance fees

The below list represents transactional fees that would only be incurred if the specified action were requested by the client and the request is approved by a Wealthsimple Trade representative. 

Description Amount
Paper Account Statement $20
Special Requests & Investigation $75 per hour
Voluntary Corporate Action/Election $50
Wire Transfer (Incoming and Outgoing)** $30
Broker assisted phone trade***
Important: We cannot accept trade orders via phone or email. See below for more details.
$45

**If you wish to wire an amount greater than $50K our team may be able to make arrangements for the specified fee. Please submit a request for more details. 

***The ability to submit trade instructions via phone is available only in extenuating circumstances and can only be executed through Canadian ShareOwner Investment Inc.'s trade desk. Our Wealthsimple Trade Client Success team is not authorized to submit any trade orders on behalf of clients. 

Note: The above list of fees is accurate as of August 2, 2019. Fees or charges (excluding interest or commissions charged) will not be imposed or changed without 60 days written notice.

 

Does Wealthsimple offer Two-Step Verification?

Absolutely! Also referred to as “Two-Factor Authentication” (2FA), Wealthsimple proudly supports the ability for you to activate this extra layer of security on your profile. Want to learn more about what Two-Step Verification is? Check out our FAQ here, or our magazine article here.

You can activate Two-Step Verification from both your Wealthsimple app as well as your Wealthsimple profile online. Please note that you will need either a cell phone or smartphone in order to activate Two-Step Verification.

To activate Two-Step Verification from your app, tap the small cog icon in the top-right corner of your screen and select “Security” from the list of options. From there you should see the option to begin activating your Two-Step Verification.

To activate Two-Step Verification from your profile online, click your name in the top-right corner of the screen and select “Settings” from the dropdown menu. On the “Settings” page select the “Security” tab. On this tab you will find the option to activate Two-Step Verification.

While activating Two-Step Verification, you'll be asked to choose which method you'd like to receive your verification through - via text (SMS message) or an app (like Authy or Google Authenticator). Select the method you prefer!

You'll also be given a Recovery Code - write this down for safe keeping. In the unfortunate event that you either lose your phone or it is stolen, you would no longer be able to access your account as you would no longer have the ability to receive your verification code. This is where your Recovery Code comes in - this code will grant you one-time access to your Wealthsimple profile so you can reset the Two-Step Verification using your new phone.