Toronto-based fintech Wealthsimple has introduced a new feature allowing users to automatically invest portions of their paycheque into more than 140 different cryptocurrencies with zero trading fees. The company claims it is the first platform in Canada to offer this direct-from-paycheque automation for digital assets, according to an email send to customers on Wednesday.
Under the new Automate Your Pay system, any recurring investment set up to purchase crypto directly from a linked direct deposit will bypass the standard trading fees. For users who do not use this automated feature, Wealthsimple still applies a baseline trading fee based on client tiers: 2% for Core, 1% for Premium, and 0.5% for Generation members.
The platform also utilizes a volume-based pricing model for active traders. Those who trade more than $1,000 in a 30-day rolling period become eligible for reduced rates, which can drop as low as 0.05% for high-volume accounts exceeding $10 million (for those with moneybags). Wealthsimple notes that customers will always be charged the lower of the two fees (baseline versus volume-based), ensuring no one pays more than their tier’s maximum.
Also, Wealthsimple has axed trading fees for users buying or selling USD Coin (USDC) when using U.S. dollars. While trading fees are being slashed for automated paycheque investments, staking fees remain unchanged, ranging from 15% to 30% of rewards depending on the user’s membership tier.
The feature can be activated within the app’s chequing account section by setting up a direct deposit and selecting Buy Crypto under the scheduled automation settings. You can sign up for Wealthsimple here and get a free $25 bonus.
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
