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Wealthsimple Trade Fees Canada 2026: Every Cost Listed
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Wealthsimple Trade markets itself as Canada’s free brokerage, and for most Canadian investors that’s accurate. The platform charges nothing to open an account, nothing to hold cash, nothing to trade Canadian stocks or ETFs. But there are two fees that catch people by surprise — the 1.5% USD conversion fee and the $25 transfer-out fee. Here is the complete fee structure for May 2026.
Related: Wealthsimple Trade review · Is Wealthsimple safe? · Compare with Questrade fees.
Every Wealthsimple Trade fee in one table
| Cost | Notes | |
|---|---|---|
| Stock & ETF commission (CAD or USD) | $0 | All accounts, all trade sizes |
| USD conversion fee | 1.5% | Waived with Premium tier or USD account |
| Transfer-out fee | $25 per account ($150 cap) | Standard for Canadian industry; receiving broker often reimburses |
| Monthly account fee | $0 | All account types |
| Inactivity fee | $0 | Hold the account indefinitely without trading |
| Minimum balance | $0 | No minimum to open or maintain |
| Deposit fee | $0 | Free EFT, Interac e-Transfer, direct deposit |
| Fractional shares | $0 | Buy any dollar amount of CAD or US stocks/ETFs |
| Wealthsimple Premium | $10/month | Optional: USD account, premium support |
| Wealthsimple Generation | Free with $1M+ | Highest tier, dedicated advisor |
When the 1.5% USD fee actually costs you money
The 1.5% conversion fee applies every time you buy or sell a US-listed stock or ETF in a CAD account. Concrete examples for 2026:
| Trade | Conversion fee |
|---|---|
| Buy $500 USD of VOO | ~$7.50 CAD |
| Buy $5,000 USD of an S&P 500 fund | ~$75 CAD |
| Sell $20,000 USD of accumulated US stock | ~$300 CAD |
| Round-trip buy + sell $10,000 USD | ~$300 CAD (1.5% × 2) |
For Canadians who plan to hold significant US-dollar assets, this adds up quickly. Three options to avoid the fee:
- Upgrade to Wealthsimple Premium at $10/month — drops conversion fee to 0%. Break-even at ~$8,000/year of US-stock purchases.
- Open a Wealthsimple USD account — keep US dollars in USD, trade US stocks without converting back to CAD.
- Use Norbert’s Gambit at a different broker like Questrade to convert larger amounts at near-zero cost (~0.05% spread vs Wealthsimple’s 1.5%). Save the converted USD and transfer back to Wealthsimple after.
For Canadians making 1-3 small US trades per year, just paying the 1.5% is fine. For US-stock-heavy portfolios, one of the three workarounds saves real money.
Wealthsimple Trade vs Questrade vs Moomoo — true total cost
For a Canadian who buys $50,000 of XEQT once a year and holds:
| Annual cost | Notes | |
|---|---|---|
| Wealthsimple Trade | $0 | Free commissions, no FX needed for CAD ETFs |
| Questrade | $0 (buy free, sell $9.95) | Free ETF buys, $9.95 to sell |
| Moomoo Canada | ~$0 | Free for Canadian stocks/ETFs |
| RBC Direct Investing | $9.95 per trade | Higher cost; only beneficial if RBC client |
| TD Direct Investing | $9.99 per trade | Same as RBC |
For a Canadian who actively trades US stocks (10 round-trips per year, $3,000 USD each):
| Annual cost | Notes | |
|---|---|---|
| Wealthsimple Trade (free tier) | ~$900 | 1.5% × $60K of conversions |
| Wealthsimple Premium | ~$120 | $10/mo subscription, 0% FX after |
| Questrade | ~$200 | $4.95-$9.95 per US trade × 20 |
| Interactive Brokers | ~$60 | $1 per US trade, lowest spread |
| Moomoo Canada | ~$80 | Discount US trades + low spread |
What’s NOT a fee on Wealthsimple Trade
These commonly-asked-about charges don’t exist at Wealthsimple Trade:
- No fee to open an account. TFSA, RRSP, FHSA, non-registered, joint — all free.
- No fee to hold cash. Uninvested CAD or USD sits in your account at no cost.
- No minimum balance. Open with $1, hold $1, no penalty.
- No fee to receive dividends. Distributions credit to your cash balance for free.
- No fee for paper statements. All electronic by default; no fee to opt out of paper.
- No deposit fees. EFT, Interac e-Transfer, direct deposit, payroll — all free.
Bottom line
For 95% of Canadian beginner investors holding Canadian ETFs in a TFSA or RRSP, Wealthsimple Trade costs $0/year to use. For Canadians actively trading US stocks, the 1.5% conversion fee adds up fast — switch to Questrade or upgrade to Wealthsimple Premium.
The single fee that surprises people most is the $25 transfer-out fee if they later move to another broker. That’s industry-standard, and most receiving brokers reimburse it.
Frequently asked questions
Does Wealthsimple Trade charge commissions?
No. Wealthsimple Trade charges $0 commission on Canadian and US stock and ETF trades. This applies to both buying and selling. There is no per-trade fee, no minimum trade size, and no commission tiers. Wealthsimple Trade was the first major Canadian broker to offer truly commission-free trading and remains the cleanest free-trading option in Canada in 2026.
What is the Wealthsimple USD conversion fee?
1.5% on every CAD-to-USD or USD-to-CAD conversion. On a $1,000 USD purchase, the conversion fee is approximately $15 CAD. The fee can be avoided by upgrading to Wealthsimple Premium ($10/month, fee drops to 0%), Wealthsimple Generation ($1M+ portfolio, included), or by holding a USD-cash account inside Wealthsimple Trade. Most Canadians who hold US stocks at Wealthsimple use the Norbert's Gambit alternative with a different broker for large USD conversions.
Does Wealthsimple Trade have a transfer-out fee?
Yes. Wealthsimple charges $25 per registered account ($150 capped) when you transfer your holdings to another broker. This is standard for the Canadian brokerage industry. Most receiving brokers (Questrade, Interactive Brokers) reimburse the transfer-out fee — confirm with the receiving broker before initiating the transfer.
Are there hidden fees on Wealthsimple Trade?
No hidden fees, but watch for: (1) the 1.5% USD conversion fee on US trades, (2) $25 transfer-out fee, (3) $5 monthly fee for Wealthsimple Cash physical card replacement, (4) ECN fees on certain Canadian exchanges (typically less than $1 per trade — passed through from the exchange). There are no monthly account fees, inactivity fees, deposit fees, or fees to hold cash.
Is Wealthsimple Trade really free to use?
Yes for Canadian-stock-only investors. If you only buy and sell Canadian-listed stocks and ETFs (XEQT, VFV, VDY, etc.), you pay $0 in commissions, $0 in account fees, and $0 in conversion fees. The platform is fully free for that use case. The fees only apply when you (1) trade US stocks (1.5% conversion), or (2) leave the platform ($25 transfer-out).
How does Wealthsimple Trade make money if it's free?
Wealthsimple Trade makes money on (1) the 1.5% USD conversion spread, (2) Premium tier subscriptions ($10/month) that 5-10% of users pay for, (3) interest on uninvested cash held in client accounts, (4) payment for order flow on certain trades, and (5) cross-selling its other products (Cash account, Robo-advisor, Tax software). The free trading is a customer-acquisition strategy that funnels users into higher-margin products.
Wealthsimple Trade vs Questrade fees — which is cheaper?
Wealthsimple Trade is cheaper for Canadian-stock-only investors ($0 commissions vs Questrade's $4.95-$9.95 per stock trade). Questrade is cheaper for US dollar holdings (you can keep USD without conversion fees, while Wealthsimple charges 1.5% per conversion unless you upgrade). For most beginner investors holding Canadian ETFs only, Wealthsimple Trade wins on cost. For active traders or USD-heavy investors, Questrade wins.
Does Wealthsimple charge for TFSA, RRSP, or FHSA accounts?
No. All registered accounts at Wealthsimple Trade — TFSA, RRSP, FHSA, RESP — are free to open and free to maintain. There are no monthly fees, no annual fees, no minimum balance requirements, and no fees to contribute. The same $0 commissions apply to trades inside registered accounts as in non-registered accounts.
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