Wealthsimple trade fee schedule

Understanding the currency conversion fee (free and premium tiers)

Wealthsimple Trade charges a 1.5% currency conversion fee on CAD and USD conversions (and vice versa) when trading US-listed securities as part of both a free and premium account. For clarity,

  • There are no commission fees, transfer charges, or other hidden fees.

  • We don’t sell your information or data.

  • Orders are always executed at the best available price.

These currency conversions are based on the corporate exchange rate. For greater clarity, the Firm may apply the real-time rate in the future, in which case the Firm will notify you of this change. Wealthsimple Trade charges a 1.5% currency conversion fee on all trades of US-denominated assets (both buys and sells). The fee is included in the total foreign exchange rate (FX) that is applied to each order. We’ll show you the rate you receive on the trade confirmation once the order has been filled. Take a look at the two examples below:

An example asset purchase

  • You decide to purchase 100 USD of a US-denominated asset

  • In this example, the corporate exchange rate for converting Canadian to US dollars is 1.3

  • With a 1.5% currency conversion fee, the total foreign exchange rate becomes 1.3198 (FX rate of 1.3 / (1 - 0.015)

  • The total cost to you is 131.98 CAD

  • You’ve paid 1.98 CAD in currency conversion fees

An example asset sale

  • You decide to sell 100 USD worth of a US-denominated asset

  • In this example, the corporate exchange rate for converting Canadian to US dollars is 1.3

  • With a 1.5% currency conversion fee, the total foreign exchange rate becomes 1.2805 (FX rate of 1.3 * (1 - 0.015)

  • You receive 128.05 CAD from the sale

  • You’ve paid 1.95 CAD in currency conversion fees

The currency conversion and the corresponding fee will only apply when the order is filled. For greater clarity, if the order does not get filled, you will still hold CAD and not USD. Note: The corporate exchange rate is a rate that Wealthsimple receives from its partner banks. Our partner banks update this rate throughout the day.

Understanding the currency conversion fee (plus tier)

Wealthsimple Trade charges a 1.5% currency conversion fee on all currency conversions of cash between your CAD Account to your USD Account and vice versa.

  • These currency conversions are based on the real-time exchange rate.

Everyday Fee Schedule

Below is a list of fees associated with normal day-to-day transactions.

Description & Amount

Commission for listed US & Canadian 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) : Real-Time Rate x 1.5% (most brokerages charge around 2%)

Outgoing account transfers to another institution : $0

Fee Schedule for Trade Premium Features

Clients subscribed to Trade Premium will continue to access premium features and get charged a subscription fee in addition to the other fees outlined in this disclosure (including the currency conversion fee above) until March 16, 2022. After such date, Trade Premium will no longer be available to clients, and, unless clients choose to upgrade to Plus, they will automatically be downgraded to a “free” account and be charged in accordance with the everyday fee schedule above.

Trade Premium Fee

$3 + applicable tax per month

Trade Premium Features

Unlimited real-time quotes

$5,000 instant deposits

The subscription fee will continue to be charged to the account you specified upon upgrading to Trade Premium on the date you upgrade and each month thereafter. If your account has insufficient funds available to cover the subscription fee on the payment date, your subscription may be cancelled without notice.

You may cancel your subscription at any time. The premium features will apply until the end of the current payment cycle, and you will not receive any pro-rated refund of your subscription fees.

To deliver premium features, like your real-time snap quotes, we use third-party service providers in accordance with this Agreement. Sometimes there may be delays or even failures by these providers to deliver information which are unfortunately out of our control.

Fee Schedule for Plus Features

When you upgrade your Wealthsimple Trade account, you will gain access to “Plus” features and get charged a subscription fee in addition to the other fees outlined in this disclosure (including the currency exchange fee above). Unless expressly stated otherwise below, all terms of your Client Account Agreement remain unchanged including applicable fees and features. As part of Plus, other than the fees listed in the Agreement and in this Fee Schedule, you will not be charged any currency conversion fees for USD trades.

When you upgrade to Plus, you will be asked to specify an account for billing purposes. The subscription fee will be debited from the account you specified on a monthly basis as of the date on which you upgraded to Plus and each month thereafter. For greater clarity, the subscription fee will be withdrawn directly from the designated account. If your account has insufficient funds available to cover the subscription fee on the payment date, your subscription may be cancelled without notice.

In the event that the Firm supports, and you sign up for, pre-authorized debits, you will be charged and your subscription fee will be paid in accordance with the Section 1.k. of the Agreement. You may cancel your subscription at any time. The Plus features will apply until the end of the current payment cycle, at which point you will be downgraded to a “free” account and charged in accordance with the everyday fee schedule above. You will not receive any pro-rated refund of your subscription fees. To deliver Plus features, like your real-time snap quotes and price alerts, we use third-party service providers in accordance with this Agreement. Sometimes there may be delays or even failures by these providers to deliver information which are unfortunately out of our control.

Plus Fees

$10 + applicable tax per month

Plus Features

USD trade accounts

Unlimited price alerts

Unlimited real-time quotes

$5,000 instant deposits

By-request transactions or extenuating circumstance fees

The following are transactional fees that only apply if you request any of the services below and your 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

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.

Broker-Assisted Phone Trade : $45

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

Certificate Withdrawal : $250

This fee is charged by the Firm for having a physical certificate re-registered to an Account holder and sent to such Account holder.