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Wealthsimple Trade Plus Review 2024: USD Accounts & No-Commission Trading


Fact Checked

Wealthsimple Trade Plus is the newest subscription plan available to Canadians using the Wealthsimple Trade app to buy and sell stocks and ETFs.

Starting in February, all Trade customers can access USD accounts and save on currency conversion fees that currently cost 1.5% when US-denominated assets are traded.

This Wealthsimple Trade Plus review covers what it costs and who should subscribe to this service. It also provides answers to other frequently asked questions.

What is Wealthsimple Trade?

Wealthsimple Trade is a no-commission trading platform for stocks and ETFs in Canada.

This brokerage stands apart from the competition by offering $0 stock trades, no account minimum, access to fractional shares, free stock promotions, and other innovative features.

More than 1.5 million Canadians use Wealthsimple Trade, and you can learn more about what it offers in this review.

What is Wealthsimple Trade Plus?

Wealthsimple Trade Plus is a monthly subscription option for Wealthsimple Trade customers who want to save on currency conversion fees and get access to real time-prices. It was formerly called Wealthsimple Trade Premium.

Plus will cost $10 per month and offer:

  • USD accounts (Taxable, TFSA, and RRSP accounts)
  • Snap quotes
  • Unlimited price alerts
  • Instant deposits up to $5,000
Wealthsimple Trade Plus Review

How is This Different From a ‘Basic’ Trade Account?

To start, nothing changes on the trading commission front. You can buy thousands of stocks and ETFs without paying commission fees on both ‘basic’ and ‘Plus’ Trade accounts.

What upgrading does is give you access to USD accounts so you can stop paying 1.5% FX fees every time you buy a U.S.-listed stock or ETF, such as Apple, Microsoft, Alphabet, and Tesla.

It also means you don’t have to depend on delayed market price data (15-minute delay) when placing trades, as you can now request a snap quote to see the current price.

The table below summarizes what you get by using Wealthsimple Trade vs. Wealthsimple Trade Plus:

Wealthsimple TradeWealthsimple Trade Plus
$0 monthly fee$10 monthly fee
$0 commission trades$0 commission trades
No account minimumNo account minimum
RRSP, TFSA, and personal taxable accountRRSP, TFSA, and personal taxable account
Fractional share tradingFractional share trading
1.5% currency conversion fee (no USD account)0% currency conversion fee* (USD account)
5 price alertsUnlimited price alerts
Instant deposit up to $1,500Instant deposit up to $5,000
15-minute delayed market dataSnap quotes
Trade crypto using Wealthsimple CryptoTrade Crypto using Wealthsimple Crypto
Open an Account (Cash Bonus)

Do You Need a Wealthsimple Trade Plus Subscription?

Wealthsimple Trade Plus will cost you $10 per month. This monthly fee is equivalent to placing a single trade on some brokerage platforms.

If you place one or more U.S.-denominated trades each month, this subscription may be worth it.

If you place multiple CAD-USD trades or vice-versa, Plus could save you a lot of money.

While Wealthsimple Trade is not ideal for day trading, clients who want/need access to real-time prices and multiple price alerts (more than 5) will have to subscribe to Plus.

If you are an investor who rarely makes U.S. trades, Plus may not be worth paying for.

Downsides of Wealthsimple Trade Plus

While a Plus subscription includes access to ‘snap quotes’ or ‘real-time prices’, this differs from “streaming” real-time data.

If you are not day trading, snap quotes or 15-minute delayed prices are adequate. But it is worth noting that snap quotes are not the same as streaming data which don’t require you to click a snap quote or refresh button.

You will initially have to fund your USD account using Canadian dollars and pay a one-time currency conversion fee on each deposit to your USD account.

Also, if you cancel your Plus subscription, your U.S. dollar cash balance is converted into Canadian dollars (again incurring FX conversion fees).

How To Use Wealthsimple Trade

You can easily open a Wealthsimple Trade account (TFSA, RRSP, or non-registered personal account) and begin trading stocks and ETFs.

The basic eligibility requirements are that you must:

  • Be a Canadian citizen or resident, or have a valid Canadian visa
  • Be the age of the majority in your province (18 or 19 years)
  • Have a Social Insurance Number (SIN)
  • Pass identity verification checks and have a Canadian residential address

When you open an account and meet the eligibility requirements, you can qualify for a cash bonus.

Wealthsimple Trade Promotion

New clients who sign up using our Wealthsimple Trade referral link get a cash bonus after funding their account with $150 or more.

You must meet the minimum trade threshold within 45 days of opening your account for the bonus offer to apply.

Visit Wealthsimple Trade (Cash Bonus)

Wealthsimple Trade Plus FAQ

How much does Wealthsimple Trade charge per trade?

There are no trading commissions on Wealthsimple Trade, and the trading fee per trade is $0. That said, a 1.5% FX fee is charged whenever you convert CAD to USD in your basic Trade account.

Does Wealthsimple Trade offer options trading?

No, you can’t use the Wealthsimple Trade platform for options trading. Here are some options for trading brokerages.

How do you cancel a Wealthsimple Trade Plus subscription?

When you cancel, your Plus subscription stays active until the end of the billing cycle. After it expires, your USD stocks are transferred to your CAD account, and any USD cash holding is converted into Canadian dollars.

What is the best Wealthsimple Trade referral bonus?

Our exclusive Wealthsimple promotional offer is the best referral bonus available in Canada. You get a cash bonus after depositing $150 or more.

Can I do Norbert’s Gambit on Wealthsimple Trade?

No, you can’t use Norbert’s Gambit to avoid paying foreign currency conversion fees on Wealthsimple Trade. It is unclear whether this feature will be available in the future.

How do I get dividends on Wealthsimple Trade?

The dividends you earn from your portfolio are paid directly to your cash balance in Canadian dollars. You can check your history of dividend payment by checking: Activity > Filter > Dividends. Dividends paid out by U.S. companies are subject to a 15% non-resident withholding tax.

What About Wealthsimple Trade Premium?

Wealthsimple Trade Premium is no longer offered. The upgraded account for Trade is now called Wealthsimple Trade Plus.


Wealthsimple Trade Plus review
  • Trading fees
  • Ease of use
  • Accounts and products
  • Welcome offer
  • Other fees


This Wealthsimple Trade Plus review covers what it costs and how to get USD accounts, unlimited price alerts, and real time data on the Wealthsimple Trade platform.


  • FX fees are waived after you deposit USD
  • Real-time market data
  • Unlimited price alerts


  • Costs $10 per month

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Editorial Disclaimer: The investing information provided here is for informational purposes only and is not intended as individual investment advice or recommendation to invest in any specific security or investment product. Investors should always conduct their own independent research before making investment decisions or executing investment strategies. Savvy New Canadians does not offer advisory or brokerage services. Note that past investment performance does not guarantee future returns.

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Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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