Wealthsimple Trade is a self-directed investment platform. Here, you can choose between trade accounts, Crypto accounts, or both, whichever suits well for you as an investor.
If you choose to trade accounts with Wealthsimple Trade, you are the boss. You can decide what assets to buy and sell depending on the market conditions. When you use Wealthsimple Trade, there are no account minimums and you are not required to pay trading commissions. Trading accounts in Wealthsimple Trade allows you to buy stocks and exchange-traded funds (ETFs) on major Canadian and US exchanges.
Whether you’re a newbie in investing or a seasoned investor, Wealthsimple Trade offers flexible plans depending on your need. Its basic plan is absolutely free. This option has no commissions and account minimums. Under this plan, you can invest in TFSA, RRSP, and taxable accounts, and own fractional shares. You can also instantly deposit up to $1500 to your account and get up to five price alerts. However, if you prefer more flexibility in managing your investment portfolio, you can consider applying for their paid subscriptions.
Soon, Wealthsimple Trade will replace the Premium ($3/month) functionality with the new Plus ($10/month) by March 2022. Under the Plus subscription, you get all the Basic features and more:
The new Plus subscription is what most investors who use Wealthsimple have been waiting for. It’ll include:
You won’t be charged 1.5 percent on forex per trade with this new feature. Moreover, you can now start buying, selling, and holding stocks and ETFs in USD.
Note: There’s still going to be a 1.5 percent forex fee whenever you deposit funds into your account which they will convert from CAD to USD.
Did your stocks move? If so, you’ll be notified of all the securities you are keeping an eye on to make sure that you get to know the perfect time when it is best to buy or sell your stocks.
If you want to increase and further diversify your stocks, you can now deposit $5,000 in one go in your trade account under the Plus subscription. That way, you have enough funds to use if you want to make trades.
When you avail of the Plus subscription, you will get real-time market data.
Regarding the USD Accounts, most investors are curious if Wealthsimple will allow their clients to deposit USD funds they already have into their trade account.
Currently, users are subject to Wealth Simples forex rate per trade – Plus will only subject users to their forex during the initial deposit of funds. There is no information if you must convert through Wealth simple for withdrawal
Since Wealthsimple primarily earns from their foreign exchange, it is likely that Wealthsimple will not allow depositing of USD.
Trading on US stocks is advantageous for investors in Canada because it is an excellent way to diversify their accounts and invest in strong US stocks, including Apple (AAPL), Johnson & Johnson (JNJ), Microsoft (MSFT), and McDonald’s (MCD).
While you are waiting for further details about Wealthsimple’s USD Accounts, you can try Questrade, an investment platform that allows you to trade on USD stocks and deposit USD into your trade accounts.
If you want to try trading at Questrade, you can exchange rates using a strategy called Norbert’s Gambit or through RemitBee Currency Exchange
Norbert's Gambit may offer you mid-market forex rates, and the buying fee may be affordable, but the selling fee will be high. Moreover, the duration of exchanging money using this platform can reach up to several days.
RemitBee: Your Best Partner in Exchanging Currency
If you want to maximize your money when you trade, the best option for forex is RemitBee Currency Exchange.
To start exchanging CAD to USD, simply go to the RemitBee Currency Exchange page. Here, you will automatically see the real-time exchange rate.
Step 1: Put in the amount of money you want to exchange .
Step 2: Select Continue, then choose your payment option. If you plan on paying through your bank account, select the bank account you want to pay your CAD and provide the necessary details.
Step 3: Select the bank account where you want to deposit your USD and provide the necessary details.
Step 4: Select the purpose of your exchange.
Step 5: Review the Transaction Overview. Then click Confirm and Pay.
Once you’re done, expect that your USD will arrive in your account within two business days. Best of all, exchanging currency in RemitBee is absolutely free! Then you can deposit to any trading platform that allows USD deposits