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Wealth Simple

Wealth Simple Plus comm FREE US/CA trades $10/month (LIVE)

  • Last Updated:
  • Jan 21st, 2022 1:57 pm
[OP]
Deal Addict
User avatar
Aug 21, 2008
1523 posts
933 upvotes
Hamilton

Wealth Simple Plus comm FREE US/CA trades $10/month (LIVE)

Deal Link:
Retailer:
Wealth Simple
This is a good news and a great DEAL folks!

Finally, a brokerage firm offers commissions FREE US and CA trades, here in Canada!

A discussion forum just started but this needs a separate HOT DEAL thread IMO.

weathsimple-plus-being-released-january ... #p35406019

Starting January '22 but you may open up an account and join their wait list now.

Their note:

Our new Plus subscription is everything in your current Trade account, plus...

USD accounts: that’s right — no more 1.5% FX fee per trade. With Plus, you can buy, sell, and hold stocks and ETFs in US dollars.
Unlimited price alerts: get notified when your favourite stocks move – whether you’re keeping an eye on five securities or fifty.
$5,000 instant deposits: $1,500 instant deposits? Great. $5,000? Even better. Increased instant deposits help you make trades when you want to.
Snap quotes: Plus clients get real-time, up-to-the-minute market data (translation: no more 15 minute delay on stock prices.)

Pricing for the Plus subscription is simple: $10 CAD/month

EDIT: WST have app for IOS and Android, login and trading is not too complicated (i.e. when you authenticate your cell phone, it's simply a pin to login).

EDIT2: WST currently add an exchange fee of 1,5% per transaction for US trades and no USD account holding is available. With PLUS, it's one time charge of 1,5% and then commission free trades with your USD account, no more exchange fee per US trade.

EDIT3: Glad to hear that National Bank and Desjardins have comparable fee FREE services (Thank you CanRulez, cordio, sinnor, & others)

EDIT 3: Just received a note. WS will have price alerts starting next month for up to 5 stocks/ETFs. "BTW: clients who sign up for our new Plus subscription — coming in January — will be able to set unlimited price alerts. So if you’re someone who likes to keep an eye on, say, the top fifty symbols, you can do that with Plus. Sign up for early access (if you haven’t already)!"

EDIT 4: Just received an update. The PLUS is officially ON as of Jan 21st. Login to your account and confirm your subscription.
Last edited by HamsiBrain on Jan 21st, 2022 9:05 am, edited 8 times in total.
Thread Summary
I'll check and update the thread to compare this upcoming offer with other Canadian brokerage firms. So far the National Bank Direct is the only big 5 banks offer fee free trade.

Wealth Simple Plus (WSP)

Pros:

1. No commission US and CA trades for stocks and ETFs.

2. Mobile and web platforms

3. Ability to open and hold USD account

4. Instant deposits, up to $5000.

5. Real time market data.

Cons:

1. Options contracts are not free.

2. No desktop platform

3. One time CAD to USD exchange fee (1,5%) if you trade US equities and ETFs.
248 replies
Deal Addict
Jun 1, 2008
2902 posts
703 upvotes
Cambridge, ON/Guelph…
I was waiting for them to activate this. It’s been coming for a while.

With this the only thing missing from WS for me at least is the ability to trade AH/PM
Jr. Member
Feb 13, 2007
175 posts
98 upvotes
Wonder how easy it would be to journal shares between USD and CAD accounts to perform a Norbert's Gambit
Sr. Member
Dec 24, 2011
554 posts
385 upvotes
toronto
bargain man wrote: I was waiting for them to activate this. It’s been coming for a while.

With this the only thing missing from WS for me at least is the ability to trade AH/PM
They do that and most of my investment will move to wealthsimple.
Newbie
User avatar
Jan 28, 2014
62 posts
105 upvotes
Toronto
This actually is a game changer. Questrade better respond back to this or they will lose a lot of business. QT still has options advantage, not sure if WS launched that yet.
Member
User avatar
Feb 8, 2008
347 posts
71 upvotes
Don’t they make their money from high currency conversion rates?
Deal Addict
Apr 2, 2007
2621 posts
1355 upvotes
bargain man wrote: I was waiting for them to activate this. It’s been coming for a while.

With this the only thing missing from WS for me at least is the ability to trade AH/PM
If they added ah/pm trades I would 100% move everything over. I’ve been burned a few times with my investments in WS because of this
Deal Addict
Nov 11, 2006
1174 posts
715 upvotes
HamsiBrain wrote: This is a good news and a great DEAL folks!

Finally, a brokerage firm offers ZERO commissions US trades, here in Canada!

A discussion form just started but this needs a seperate HOT DEAL thread IMO.

weathsimple-plus-being-released-january ... #p35406019

Starting January '22 and you may open up an account and join wait list.
National Bank Direct Brokerage has been offering $0 CAD and USD stock and ETF trades for a few months now.
Jr. Member
Jul 5, 2015
127 posts
85 upvotes
Toronto, ON
Joined the waitlist. This would be interesting. Every time Wealthsimple is compared to other well-known tools, con side of wealthsimple always has been relating to US trades. I just really like WS's superior app UI and ease-of-use for noobs like me.
Member
Aug 11, 2016
294 posts
248 upvotes
samhth wrote: This actually is a game changer. Questrade better respond back to this or they will lose a lot of business. QT still has options advantage, not sure if WS launched that yet.
Questrade is still cheaper if you make < 1 trade per month. $10/month = $120. Questrade is roughly $10/trade.
Deal Fanatic
Nov 6, 2018
7186 posts
7187 upvotes
septimus wrote: Don’t they make their money from high currency conversion rates?
Yes and they are not removing the 1.5% exchange fee, they're just restructuring it to be for anytime you convert CAD to USD instead of everytime you buy a USD stock.

So say you know you're probably going to spend $1500 in USD on a few stocks now you can convert all of that at once, have it sit in cash balance collecting nothing but dust and you only got charged 1.5% once.

There's upsides and downsides.

I still would like other features like news feeds and more general information about each company on the stock page so I don't need to use multiple apps and websites but it's definitely a step in the right direction and I'm sure we'll see some changes from the other brokerages coming soon.
Deal Addict
Apr 10, 2017
2288 posts
1576 upvotes
septimus wrote: Don’t they make their money from high currency conversion rates?
Gtaphotog wrote: Yes and they are not removing the 1.5% exchange fee, they're just restructuring it to be for anytime you convert CAD to USD instead of everytime you buy a USD stock.

So say you know you're probably going to spend $1500 in USD on a few stocks now you can convert all of that at once, have it sit in cash balance collecting nothing but dust and you only got charged 1.5% once.

There's upsides and downsides.

I still would like other features like news feeds and more general information about each company on the stock page so I don't need to use multiple apps and websites but it's definitely a step in the right direction and I'm sure we'll see some changes from the other brokerages coming soon.
Where did you see theyre keeping the 1.5 exchange rate?

I dont know what they meant by no FX fees
Deal Fanatic
Nov 6, 2018
7186 posts
7187 upvotes
OP it is not free US trades as the title currently says.

You still pay 1.5% exchange fee converting CAD to USD, now you can just hold a balance of USD instead of it being per trade.
Deal Fanatic
Nov 26, 2008
7003 posts
4972 upvotes
Gtaphotog wrote: Yes and they are not removing the 1.5% exchange fee, they're just restructuring it to be for anytime you convert CAD to USD instead of everytime you buy a USD stock.

So say you know you're probably going to spend $1500 in USD on a few stocks now you can convert all of that at once, have it sit in cash balance collecting nothing but dust and you only got charged 1.5% once.

There's upsides and downsides.

I still would like other features like news feeds and more general information about each company on the stock page so I don't need to use multiple apps and websites but it's definitely a step in the right direction and I'm sure we'll see some changes from the other brokerages coming soon.
Previously the 1.5% fee was on the sell as well. So this is much improved, but yes, still higher than some other places on the conversion.
Deal Fanatic
Nov 6, 2018
7186 posts
7187 upvotes
tietherope wrote: Previously the 1.5% fee was on the sell as well. So this is much improved, but yes, still higher than some other places on the conversion.
Yes now you can maintain a USD balance so when we sell USD shares we don't have to get charged in it.

Definitely a big improvement but there's still some changes to be done.
[OP]
Deal Addict
User avatar
Aug 21, 2008
1523 posts
933 upvotes
Hamilton
CanRulez wrote: National Bank Direct Brokerage has been offering $0 CAD and USD stock and ETF trades for a few months now.
Can we open a USD account with NB? I thought they exchange your funds every time when a trade filled, back and fort, and that was the main culprit with NB Direct.

This time, Wealth Simple (WS) allows investors to keep their funds in USD, so no more CAD-USD exchange fees,1,5%, for each and every trade.
Newbie
Jul 17, 2020
16 posts
4 upvotes
Does National Bank Direct Brokerage have a referral benefit??
Member
Mar 16, 2008
328 posts
449 upvotes
HamsiBrain wrote: Can we open a USD account with NB? I thought they exchange your funds every time when a trade filled, back and fort, and that was the main culprit with NB Direct.

This time, Wealth Simple (WS) allows investors to keep their funds in USD, so no more CAD-USD exchange fees,1,5%, for each and every trade.
Yes, you can have a USD account. You'll even have a margin.

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