It’s finally here! Wealthsimple announces that it will be rolling out a new update with big features that will change the playing field! Very soon Wealthsimple Trade will offer USD accounts! Yes, pretty soon you’ll be able to deposit USD in your USD accounts and buy, sell, or hold stocks, ETFs, and other securities without having to pay FX conversion fees each time you make a trade!
What does this new feature include?
The USD accounts will be rolled out in a new feature called “Plus” subscription which will include all of the Trade Premium account upgrades (snap quotes and $5,000 instant deposits) in addition to:
- USD accounts in Wealthsimple Trade
- Unlimited price alerts
The Plus is subscription is only $10 CAD per month. Whereas the Premium subscription is currently $3 CAD per month. The increase in subscription cost is minimal considering the new features that Wealthsimple added are game-changing!
What difference does it make?
Currently, Wealthsimple Trade only offers CAD accounts so you can only make deposits in CAD. If you want to trade a US stock, ETF, or other security then you’d have to pay a 1.5% FX fee per US trade. Which can add up pretty quickly.
After the update: Instead of paying the FX fees per each US trade, now you’d have to only pay a 1.5% fee when you convert the money in your account from between CAD and USD. And keep in mind that you only have to upgrade to Plus if you want to!
What is Wealthsimple?
If you don’t know already, Wealthsimple is a online investment management platform in Canada that offers several services and is focused on millennials.
The price alerts is a new feature that will appeal to wider audience of interested investors who will to have these tools at their disposal. Price alerts feature sends a notification whenever a specified stock moves and reaches a certain threshold. The alert could be based on a specific price reached, a percentage increase (for example +5%), or a percentage decrease (for example a -5%).
Wealthsimple is gearing up and expanding by adding new features that investors are asking for. These new features will appeal to and attract more investors to use Wealthsimple Trade instead of its competitors. The addition of USD accounts in Wealthsimple Trade will please investor who are interested in US equities and don’t want to have to pay the FX fees each time they make a trade. Price alerts is a new tool that helps investors who are engaged and like to monitor there favorite stocks!