Introducing Plus, a Better Way to Trade U.S. Stocks

Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more

Here at Wealthsimple, we want every Canadian — regardless how much they invest or where they are on their personal-finance journey — to have access to the most sophisticated tools. So we’re shaking up how we do things in a major way.

We’re thrilled to announce Plus, a new subscription service for Wealthsimple Trade clients. With Plus, you’ll pay $10 a month to effectively soup up your Trade account and unlock a bunch of new features. Among them:

  • USD accounts (!)

  • No foreign-exchange fees on trades

  • Unlimited price-change alerts

  • Snap quotes for real-time, on-demand prices

  • Instant deposits up to $5,000

All that for $10 is a pretty great bargain, if you ask us, especially since some other platforms charge that much in commissions for a single trade. But, in case you’re not yet entirely sold on a $10-a-month Plus subscription, let’s break down the biggest perk — USD accounts — in a bit more detail.

The money-saving beauty of USD accounts

OK, so if you’ve dipped even a teeny-tiny toe in stock trading, you’ve surely noticed that some — OK, a bunch of — companies’ stocks aren’t listed on Canadian exchanges but on U.S.’s ones, like Nasdaq or the New York Stock Exchange. That means, if you’re Canadian, buying these stocks usually carries various currency-conversion and transaction fees, depending on your trading platform. And these fees can add up if you trade often.

Wealthsimple, for its part, doesn’t charge commissions on U.S. trades (you’re welcome!), but, for each transaction with our current Trade Basic accounts, we do charge a 1.5% foreign-exchange fee to convert CAD to USD and vice versa. That’s because Trade Basic accounts aren’t set up to hold USD, only CAD, so we have to convert your money to dollars and back. Buy a share of Google: 1.5% conversion fee. Sell a share of Google: 1.5% conversion fee.

The new Wealthsimple Plus accounts change this whole arrangement. With a Plus account, you’ll only pay a 1.5% foreign-exchange fee when you convert CAD to USD to fund your account — not each time you trade a U.S. stock. Buy a share of Google: no conversion fee. Sell a share of Google: no conversion fee. We crunched the numbers, and if you trade U.S. stocks more than a few times a month, a Plus account will likely save you money.

So why is Wealthsimple doing all this? Doesn’t it want all those 1.5% foreign-exchange fees?

Listen, this may sound cheesy, but we want to build long-lasting relationships with our clients, and we figure not charging frequent traders every time they trade is a good way to do that. And we want to make sure our services are super accessible — democratizing wealth is our entire M.O. — which is why we’re charging such a nominal fee for Plus.

Do you lose all the features of Trade Basic?

Nope. You get everything you used to…

  • Zero-commission trades

  • No account minimums

  • TFSAs, RRSPs, and taxable accounts

  • Fractional shares

  • No account fees

Wait, what if I already have a Premium subscription? How does that fit in with Plus?

The short answer is that it doesn’t. We’ll be phasing out Premium by March 2022 in favour of Plus, because we think the latter is a far superior product with tons more features. So RIP Premium. But, honestly, we’re confident you’ll love Plus tons more and that it’ll help us expand access to trading and help more Canadians build wealth.

So what do I do?

Here’s what marketing people refer to as the call-to-action: to sign up for Plus, open the Wealthsimple Trade app or sign in to our website and navigate to your profile settings. There, you’ll see an invitation to join the waitlist. And, of course, if you don’t already have a Wealthsimple Trade account, sign up! It’s super easy. (We put “simple” in the name of our company for a reason).

Wealthsimple uses technology and smart, friendly humans to help you grow and manage your money. Invest, save, trade, and even do your taxes in a better, simpler way.

Money Diaries

"I DON’T KNEEL DOWN AT THE ALTAR OF THE ALMIGHTY DOLLAR. THAT’S NOT FOR ME."

Spike Lee Tells Us Why He Never Feels Bad Asking for Money

subscribe

Get the best stories from our magazine every month

Sign up for our email newsletter

  • News

    How Wealthsimple Trade Didn’t Break During GameStop

    Lots of trading platforms went down during the meme-stock bonanza. Why didn't Wealthsimple Trade? We sit down with Karney Li (CTO) and Dominique Simoneau-Ritchie (VP of Engineering) to learn how you can grow by 1,000% without blowing up.

  • News

    Building a Better Wealthsimple: A Diversity & Inclusion Update

    It’s the start of a new year, and it’s a good time to check on what we’re doing to make good on the promises we made last year to be a more diverse, inclusive company. Here’s where we are.

  • WEALTHSIMPLE TRADE

    Commission-free stock trading

    Wealthsimple Trade makes it easy to buy and sell thousands of stocks and exchange-traded funds.

    see-more cta
  • News

    The Best Path to Financial Literacy? Build Products People Actually Understand

    It’s Financial Literacy Month, which means banks and other institutions will trot out apps and courses to help people learn more about how to manage their money. But they won’t address the real problem: their own needless complex and opaque products.

  • News

    Wealthsimple Crypto Is Here!

    You can now buy and sell Bitcoin and Ethereum with Wealthsimple Crypto. Here’s how it works, how to sign up, and everything else you need to know.

WEALTHSIMPLE TRADE

Commission-free stock trading

Wealthsimple Trade makes it easy to buy and sell thousands of stocks and exchange-traded funds.

full cta

Our best stories, once a month.

Sign up for our newsletter

The content on this site is produced by Wealthsimple Technologies Inc. and is for informational purposes only. The content is not intended to be investment advice or any other kind of professional advice. Before taking any action based on this content you should consult a professional. We do not endorse any third parties referenced on this site. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. By using this website, you accept our (Terms of Use) and (Privacy Policy). Copyright 2022 Wealthsimple Technologies Inc.

;