Wealthsimple is not a member of IIROC nor a member of CIPF. Wealthsimple Tax is offered by SimpleTax Software Inc. under the terms of our Wealthsimple Tax User Agreement. WealthSimple Trade Fees on FX So it seems that WS is going to charge 1.5% per FX trade (ie. Understanding the currency conversion fee Wealthsimple Trade charges a 1.5% currency conversion fee on all trades of US-denominated assets (both buys and sells). The value of your portfolio with Wealthsimple can go down as well as up and you may get back less than you invest. We've indicated below which exchanges we currently support the ability to trade on. Log in to Wealthsimple to grow your money like the world's most sophisticated investors. Wealthsimple Generation is the top investing package available with Wealthsimple, available for accounts with balances over $500,000. Were committed to protecting your account with the highest standards of security available. Wealthsimple Trade is offered by Canadian ShareOwner Investments Inc. (ShareOwner), a registered investment dealer in each province and territory of Canada, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF), the benefits of which are limited to activities undertaken by ShareOwner. The account opening only takes a few minutes on your phone. Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc. (WDA), a registered restricted dealer in jurisdictions other than Qubec. The MER rate for the Generation package is also 0.4% . Wealthsimple Save, the savings account offered, invests your cash in low-cost conservative ETFs, which can generate a higher rate of return than Wealthsimple is the smart way to invest, trade, save, spend and file your taxes. Wealthsimple is a Canadian based robo-advisor that provides accounts to investors in Canada, the U.S., and the U.K. Prior to founding Wealthsimple, Michael Katchen worked for 1000Memories, a Silicon Valley-based startup. Wealthsimple Trades 1.5% currency conversion fee makes investing in U.S. stocks and ETFs very costly. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. In 2014, he returned to Toronto to launch the company. Wealthsimple Cash App The app allows you to send money (Canada to Canada) with ease, including the ability to fund your WS Cash account instantly with your Visa Debit card. Wealthsimple does not charge deposit fees. Investment Industry Regulatory Organization of Canada (IIROC). We're committed to protecting your account with the highest standards of security available. Wealthsimple use exchange-traded funds (ETFs) and low cost mutual funds in order to keep costs low. Is this correct or am I oversimplifying? All cash balances from your Wealthsimple Cash and Wealthsimple Save account(s) are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. . Now lets compare that with the exchange rate offered by my bank. If I'm reading this right you need a net gain of 3% minimum for you to actually realize any gain? Wealthsimple Trade allows Canadians to buy and sell thousands of stocks and exchange-traded funds on Canadian and U.S. exchanges without paying any commission fees. Join over 1.5 million people who use Wealthsimple products, Wealthsimple is changing the way young people think about money, Our clients trust us with over $10 billion, Wealthsimple is going beyond providing a tech platformit also gives users access to its own stable of financial advisors. Customer accounts held at ShareOwner are not protected by CIPF. By clicking "Get started", you agree to Wealthsimple's Terms of Use and Privacy Policy. Every buy I had today was 1.2461- 1.2500 Every sell was 1.2128 or lower. Let's break down our approach: Diversification: Each of our portfolios is fully diversified across asset classes to help investors achieve a higher rate of return while taking less risk. Wealthsimple Invest and W4W are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. Interest in the spreadsheet helped inspire the idea for Wealthsimple. 2021, Wealthsimple Technologies Inc. All Rights Reserved. Our Save product is offered by Canadian ShareOwner Investments Inc. ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support. You can use the rate that BoC provides to compare exchange rates between financial institutions. You sure can! While, technically, Questrade also charges a Press question mark to learn the rest of the keyboard shortcuts. Assets in your Invest and W4W accounts are held with ShareOwner. You can use the Wealthsimple Cash card to spend just like a debit card, with no monthly account fees, no low balance fees, and eventually, no foreign exchange transaction fees. Read our investment risk disclosure for more information. Wealthsimple Smart Savings gives you an interest rate of 0.65% on the first $100,000, and the rate varies on amounts higher than that in $100,000 increments. Wealthsimple US, Ltd. is registered as an investment adviser under the Investment Advisers Act of 1940 and uses Apex Clearing Corporation as broker/dealer for Wealthsimple investment accounts. For Example: Mark has an account balance of $200,000 in his Wealthsimple Smart Savings account. US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US. Assets in your Invest and W4W accounts are held with ShareOwner. Currently, the two largest online brokers are Questrade and Wealthsimple. Wealthsimple Cash is a saving and spending account that lets you earn interest on your cash deposits. CDIC is a federal Crown corporation. Wealthsimple said on Monday it has raised C$750 million ($610.40 million) in its latest funding round, which more than doubled the Canadian fintech company's valuation to C$5 billion. Wealthsimple Invest and W4W are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. This means you dont pay any management fees for 12 full months as you test the platform out!try this top Canadian robo advisor. Wealthsimple is not a member of IIROC nor a member of CIPF. if you want to buy on the NYSE and have deposited CAD in WS they're dinging you 1.5% in and 1.5% out). Learn more about how CDIC protection works. Our Cash product is offered by Wealthsimple Payments Inc., a FINTRAC registered money services business. Our Save product is offered by Canadian ShareOwner Investments Inc. ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. Customer accounts held at ShareOwner are not protected by CIPF. Here at Wealthsimple, we bring it back to the fundamentals. UK residents: In addition to normal crypto trading services, Binance offers margin lending. While BoC does not exchange money directly for consumers, it has a large influence on the exchange rates used by other banks. As this is a regulated activity which If you need to find another rate (either a daily rate or another currency), please use the Bank of Canadas website . Thats right, $0, and a first in Canada. Base currencies: For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. You can sign up for Wealthsimple Cash right here. After a few trades coming up short I started looking at the exchange rate and testing it while looking at "live view" of our exchange rate. Looking at CAD=X chart on Yahoo Finance I see the following exchange rates at various times: * 10:15 1.2735 * 16:00 1.2735 * 17:00 1.2686. It doesn't appear in any feeds, and anyone with a direct link to it will see a message like this one. Wealthsimple plans to introduce US accounts but the timeline has not been announced yet. In Qubec, WDA is registered as a derivatives dealer. Do more with your money with our smart financial tools and expert advice. To do this, we build our portfolios through the purchase of broad based Exchange Traded Funds(ETFs). Coverage is free and automatic. --> In other words, its a lot like a very high paying chequing account (except without cheques, because its 2020 and we are young people). Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc. (WDA), a registered restricted dealer in jurisdictions other than Qubec. To figure this out, I logged into my online banking and simulated an identical transfer of $20,000 CAD to USD. CDIC is not a bank or a private insurance company. Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc. (WDA), a registered restricted dealer in jurisdictions other than Qubec. Wealthsimple has a lot planned for this platform, so this list may expand over time! They take 1.5% on every buy and sell of US stocks, https://help.wealthsimple.com/hc/en-ca/articles/1500003651222. It doubles Wealthsimple's valuation, bigger than the C$114 million that the company raised in October last year, that gave it a valuation of C$1.5 billion. Two-factor authentication (2FA) and data encryption, Standard bankruptcy and deposit protection, $265M in investment from some of the world's largest financial institutions. The average annual exchange rates for for Canadas major trading partners can be found on the Bank of Canadas Annual Exchange Rates page. At the time of my purchase and market close it turns out the exchange rate is the same. Questrade charges $4.95 minimum per trade to sell ETFs and buy or sell stocks. Thats significant news given that most of Canadas online brokers typically charge anywhere from $4.95 to Get started, whether you're investing, doing taxes, or anything in between. Funds used to send, receive or spend money in your Cash account are held in a Wealthsimple Save account. Deposit fees and options. The MERs on Wealthsimples ETFs average about 0.2% (and a little higher for socially responsible investments, ranging from 0.25% to 0.4%). The latest funding round included participation from celebrities Drake, Michael Fox and Ryan Reynolds, according to the company. By using this website, you accept our (Terms of Use) and (Privacy Policy). Wealthsimple Invest and W4W are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. The Pros and Cons of Wealthsimple. Wealthsimple Trade has no fees for buying and selling stocks and ETFs. Wealthsimple Trade comes with its own app dedicated to wealth management. For further details see our Legal Disclosures. IGM is the largest shareholder in Wealthsimple and holds a 36 per cent interest, prior to the closing of the transaction. Crypto-assets are not protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation or any other investor protection insurance scheme. So, you're using a platform with real money and you don't even know how it works? Your security and trust are important to us. Wealthsimple: Though all trades on Wealthsimple are fee-free, in order to buy US stocks, users must use the exchange rate of 1.5 x their Corporate FX rate. deposit. Wealthsimple Cash is offering an interest rate of 0.90% and functioning like a saving AND spending account. CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca) in case of a members failure. We provide investment services and other financial products through several affiliates. With Wealthsimples platform, you can send money to your contacts instantly without having to worry about remembering the answer to a security question. With any investment, your capital is at risk. Wealthsimple Trade lets you buy and sell thousands of stocks and exchange-traded funds (ETFs) on major Canadian and U.S. exchanges. * A Wealthsimple Promo Offer Coupon for You Wealthsimple has provided me with a promotion code for our readers - providing a $50 cash bonus on a $500 min. More posts from the Wealthsimple_Trade community, Continue browsing in r/Wealthsimple_Trade, The unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. The rate quoted by my bank was 1.3205, a difference of almost 1.5 cents on the dollar. Your security and trust are important to us. From what I saw today the rate had a range 1.226-1.231. Questrade: FX Fee of 1.5% - 2%. All investments are then regularly managed and rebalanced to ensure the asset mix remains in line with the client's goals. START HERE: https://www.reddit.com/r/Wealthsimple_Trade/wiki/faq, Press J to jump to the feed. The fee is included in the total foreign exchange rate (FX) that is applied to each order. Wealthsimple has 9 portfolios in its 'non socially responsible' range, with 3 portfolios available within each risk level. Understanding the currency conversion fee Wealthsimple Trade charges a 1.5% currency conversion fee on all trades of US-denominated assets (both buys and sells). Sorry, this post was deleted by the person who originally posted it. Assets in your Invest and W4W accounts are held with ShareOwner. 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