Wealthsimple Plus Review 2024: Is It Worth It?

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Wealthsimple Trade, the commission-free investing app, recently announced a new premium subscription service called Wealthsimple Trade Plus.

This service offers investors a number of enhanced features, including unlimited commission-free stock and ETF trading, personalized portfolio advice, and most importantly, support for USD accounts.

But what type of investors will benefit most from the service? Is it worth upgrading to?

In this Wealthsimple Trade Plus review, we will take a closer look at the pricing, features offered by this new service and how they compare to the standard Wealthsimple Trade offering.

What is Wealthsimple Trade

Wealthsimple Trade is a commission-free stock and ETF trading app available in Canada. The company is headquartered in Toronto and was founded in 2014.

The app allows investors to buy and sell thousands of stocks and ETFs listed on major North American exchanges with no commission fees.

Wealthsimple Trade also offers several other features, including fractional shares, cryptocurrency trading within the same app, competitive sign-up bonuses, and support for both taxable and registered accounts.

Why Wealthsimple Trade Plus?

The Wealthsimple Trade basic plan was already one of the most competitive commission-free trading platforms available in Canada.

But it had some limitations, especially for intermediate to advanced investors that need more than the basic features offered by the Trade app. For example, you could only hold a CAD account which means there’s a currency conversion fee of 1.5% each time you trade US-denominated assets.

Wealthsimple Trade Plus aims to address these shortcomings with its new premium subscription service. It gives you all the features of the basic app plus a few more enhancements that make it worth considering for Canadians.

We’ll take a look at the extra features and the pricing in the next section.

Wealthsimple Trade Plus Pricing

The Wealthsimple Trade Plus plan costs $10 per month. For the small fee, you get unlimited commission-free stock and ETF trading, as well as all the other features of the basic plan.

In addition, the Trade Plan subscription gives you access to the following:

  • USD accounts
  • No FX conversion fees when you trade USD-denominated stocks
  • Make instant deposits of up to $5,000
  • Get unlimited price-change alerts

With the USD account, you can now trade in USD without paying the 1.5% currency conversion fees. Before now, you’ll pay the fees each time you buy US stocks and ETFs and when you decide to sell them.

Granted, the Wealthsimple Trade Plus fee is a significant increase from the $0 monthly fee charged by the standard Wealthsimple Trade app but it’s still competitive when compared to other premium trading platforms like Questrade and TD Direct Invest.

Drawbacks of the Trade Plus Subscription

The obvious drawback of the Wealthsimple Trade Plus subscription is the $10 per month fee. But beyond this, there are less obvious drawbacks of the Plus plan.

You still can’t fund the USD account with USD cash to trade. You’ll need to fund the account with CAD and then convert it to USD to start trading. The 1.5% conversion fee will apply.

Each subsequent trade in USD is however free. And when you’re ready to liquidate your investments and withdraw your funds, you’ll also need to convert back to CAD and pay the same 1.5% fee.

And if you decide to cancel the Wealthsimple Trade Plus plan, your USD holding and cash will be converted to Canadian dollars.

So, if you’re an investor that trades lots of US-listed securities, you may want to consider how it compares to other platforms like Questrade that allow USD funding or support other cheap USD funding options like Norbert’s Gambit.

Wealthsimple Trade Plus Review: Is It Worth the Upgrade?

Overall, the new Wealthsimple Trade Plus subscription is a great value for investors who are looking for enhanced features and services. The introduction of the USD accounts is a game-changer and moves it a step closer to becoming a one-stop-shop for all your investing needs.

The only drawback is the $10 monthly fee, which may be a bit pricey for some investors but a bargain for users that need the premium features. So if you can afford it and trade or invest in a lot of US-denominated stocks or ETFs, Wealthsimple Trade Plus is definitely worth the upgrade.

On the other hand, the basic plan is more than enough to meet all your investing needs if you’re just starting out or don’t trade very often. So if you’re on a tight budget, the standard Wealthsimple Trade plan is still a great option.

Verdict on the Wealthsimple Plus Review

Hopefully, this Wealthsimple Trade Plus review has provided you with all the information you need to decide whether or not this new premium service is right for you.

As always, feel free to reach out if you have any questions or need help getting started with Wealthsimple Trade.

Have you upgraded to Wealthsimple Trade Plus? What do you think of the new features? Let us know in the comments below.

Happy investing!

Wealthsimple Trade Plus Review


The Wealthsimple Trade Plus plan gives unlimited commission-free stock and ETF trading, as well as all the other features of the basic plan.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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