Since Wealthsimple Trade does not have USD accounts, the 1.5% exchange rate fee applies for every buy or sell trades. In contrast, most of the other investing platforms in Canada charges around $9 USD per US trades.
Does Wealthsimple charge for exchange?
Wealthsimple Trade charges a 1.5% currency conversion fee on Canadian to US dollar conversions (and vice versa) when trading US-listed securities. There are no commission fees, transfer charges, or other hidden fees.
Does Wealthsimple use USD?
Since our portfolios are comprised of both USD and CAD ETF's, some of your funds will then be converted back to USD to purchase the USD ETF's. There is 0.4% currency conversion fee in cases where we need to buy or sell US dollars in your account.
Does Wealthsimple do forex?
Description Amount
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Foreign Exchange Fee (CAD ⇆ USD) Corporate Rate x 1.5% (most brokerages charge around 2%)
Outgoing account transfers to another institution $0
Can you buy American stocks on Wealthsimple?
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. Buy a share of Google: 1.5% conversion fee.8 Dec 2021
Can you change currency on Wealthsimple?
Wealthsimple Trade charges a 1.5% currency conversion fee on Canadian to US dollar conversions (and vice versa) when trading US-listed securities. There are no commission fees, transfer charges, or other hidden fees. We don't sell your information or data.
Is it safe to put money in Wealthsimple?
Yes, Wealthsimple is safe. Assets on Wealthsimple Invest and Wealthsimple Trade accounts are held by ShareOwner Investments Inc., which is a Canadian Investor Protection Fund (CIPF) member and is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).23 Dec 2021
Is Wealthsimple only for Canadian stocks?
Investment Products Wealthsimple Trade's platform has much less choice, offering access only to U.S. and Canada-listed stocks and ETFs.9 Nov 2021
How much does it cost per trade on Wealthsimple?
Wealthsimple Crypto charges 1.5% 2% ($1.50 $2.00 per $100) for every buy or sell trade. Volumes may be unpredictable on cryptocurrencies. Low volumes may result to a large big-ask spread which can affect prices.
Does Wealthsimple have high fees?
Wealthsimple offers a good fit for investors of all ages looking to save money and take the next step on the road to long-term financial security. The fees are slightly higher than average for the robo-advisory space, though the account minimum of $0 removes a hurdle for investors who are just starting out.
Is Wealthsimple Trade really free?
Wealthsimple Trade is the ideal broker for Canadians looking to invest in the US stock market. It is Canada's only "zero-commission" broker, meaning they don't charge you anything for placing trades on its platform.27 Sept 2021
Is trading with Wealthsimple free?
There are no fees for buying and selling stocks and ETFs on the Wealthsimple Trade platform. Opening or closing your account, withdrawing funds, electronic statements, and inactive accounts have a $0 fee. If you prefer a paper account statement, a $20 fee applies.1 Jan 2022
How much money do you need to trade on Wealthsimple?
Account Minimum You can open a Wealthsimple Trade account with just $150 and start trading. For Questrade, a $1,000 minimum balance is required. Learn more about Questrade in this Questrade review.1 Jan 2022