Wealthsimple Self-Directed Trading
Buy and sell Canadian and U.S. stocks and ETFs with $0 commission, no account minimum, and fractional shares, then add a $25 welcome bonus when you open with code _Y024Q.
Wealthsimple's self-directed accounts let you pick your own stocks and ETFs and trade them commission-free, right from the same app you use for banking, crypto and taxes. There's no account minimum, no commission on Canadian and U.S. equities, and you can start with as little as a few dollars thanks to fractional shares.
What self-directed trading is
A self-directed account means you choose the investments yourself, rather than having Wealthsimple build and manage a portfolio for you. You search for a stock or ETF, place a buy or sell order, and the holding sits in your account. It's the opposite of managed investing, where the portfolio is built and rebalanced automatically. Many Canadians use both, a hands-off managed account for the core, and a self-directed account for individual picks.
You're not limited to stocks, either. The same account lets you hold ETFs, trade options with no per-contract commission, and (through the same app) buy crypto, all without the per-trade commissions a traditional bank brokerage charges.
Fees & what you actually pay
Trading Canadian and U.S. stocks and ETFs is commission-free, and there's no account minimum. Here's the full cost picture so nothing surprises you:
| Cost | What you pay |
|---|---|
| Commission on CAD & US stocks/ETFs | $0 |
| Account minimum | $0 |
| Monthly / inactivity fee | $0 |
| Currency conversion (no USD account, Core) | ~1.5% per conversion |
| USD account | ~$10/mo (Core) · free (Premium+) |
| Built-in Norbert's Gambit (DLR/DLR.U) | flat ~$9.95 |
| US regulatory fee on sales | tiny, passed through |
Figures change over time and by tier, always confirm the current numbers in the app before you trade. For how the tiers (Core, Premium at $100K+, Generation at $500K+) affect FX and other perks, see our Wealthsimple review.
USD trading & the FX fee
The one cost most DIY investors care about is currency conversion. When you buy a U.S.-listed stock with Canadian dollars at the Core tier and don't hold a USD account, Wealthsimple converts at roughly 1.5%. There are three ways to soften that:
- Hold a USD account, so you convert once and trade U.S. stocks without re-converting each time. It's free at Premium and Generation, around $10/month at Core.
- Use the built-in Norbert's Gambit, Wealthsimple now handles the DLR/DLR.U dual-listed ETF conversion for a flat fee of about $9.95, settling in roughly two business days, far cheaper than 1.5% on large amounts.
- Move up a tier, larger one-time conversions and higher tiers drop the FX rate (for example, 0% at $100K+).
Key features
- Fractional shares, buy a slice of expensive stocks and ETFs so you can invest a fixed dollar amount, handy when one share costs hundreds of dollars.
- Recurring buys, schedule automatic purchases to dollar-cost average without thinking about it.
- Market & limit orders, take the current price or set the exact price you're willing to pay.
- Thousands of securities, trade a wide range of Canadian and U.S. stocks and ETFs.
- Real-time quotes, see live pricing while you trade.
- One app, your trading, options, crypto, Cash and tax all live together.
Fractional shares explained
A fractional share is exactly what it sounds like, a piece of a single share of a stock or ETF. Instead of buying in whole shares, you tell Wealthsimple the dollar amount you want to invest and it buys you the matching slice. That matters when one share of a popular company costs hundreds of dollars, you can still put in $20 and own a real fraction of it.
Here's how it works on Wealthsimple:
- Invest by dollar amount, enter how much you want to spend rather than a number of shares, and you get the fractional piece that matches.
- $1 minimum per order, fractional buy and sell orders just need to be at least $1.00, and there's no account minimum to get started.
- Thousands of eligible securities, most large Canadian and U.S. stocks and ETFs support fractional trading. Look for the "fractional shares" label on the stock or ETF's page in the app to confirm before you buy.
- Commission-free, you pay no extra fee to trade fractions, exactly like full shares. The usual ~1.5% FX fee still applies to U.S.-listed trades at Core without a USD account.
- Real-time trading, fractional orders fill instantly during market hours, not in delayed batches.
You still earn dividends in proportion to what you own, so half a share pays half the dividend. You can switch on dividend reinvesting (DRIP) to have those payments automatically buy more of the same holding, and pair fractional shares with recurring buys to dollar-cost average a fixed amount on a schedule. Together they make it easy to invest small, consistent amounts without leaving cash sitting idle.
Account types you can trade in
You can hold self-directed investments inside registered accounts to shelter your gains, or in a non-registered account for flexibility:
- TFSA, tax-free growth and withdrawals.
- RRSP, tax-deferred retirement investing (and the most efficient home for US-dividend stocks).
- FHSA, for first-home savers.
- Personal (non-registered), no contribution limits.
Wealthsimple vs other ways to trade
The big draws are zero commission and no minimum. Here's how self-directed trading stacks up against the common alternatives Canadians use:
| Feature | Wealthsimple | Big-bank brokerage | Discount broker |
|---|---|---|---|
| Stock/ETF commission | $0 | ~$6–$10 / trade | $0–$10 / trade |
| Account minimum | $0 | Often $0 | Varies |
| Fractional shares | Yes | Rare | Sometimes |
| Options commission | $0 per contract | ~$10 + per contract | per contract |
| App / ease of use | Mobile-first, simple | Dated | Mixed |
Figures are typical ranges for comparison only and vary by provider, confirm current pricing before you switch.
Who it's for
Self-directed trading suits anyone who wants to pick their own investments without paying per-trade commissions, from a first-time investor buying one index ETF to an experienced investor building a portfolio of individual stocks. If you'd rather not choose anything yourself, managed investing is the hands-off alternative.
Tips & common mistakes
- Paying the FX fee repeatedly, if you trade U.S. stocks often, a USD account or Norbert's Gambit usually beats converting on every trade.
- Holding US-dividend stocks in a TFSA, a 15% US withholding tax applies that you can't recover, an RRSP is more efficient for those.
- Using market orders on thinly traded stocks, a limit order protects you from a bad fill.
- Forgetting to invest the cash, depositing money (including your $25 bonus) doesn't invest it, you still have to place the buy.
- Day-trading inside a TFSA, frequent, business-like trading can lead the CRA to tax the account as business income.
Trading & the $25 bonus
Opening a self-directed account is one of the easiest ways to claim the welcome bonus. Sign up as a new client with code _Y024Q, fund the account with at least $100 within 30 days, and $25 is deposited to your Cash account. You can then invest that money however you like.
Open a trading account and claim your free $25.
Get $25 with code _Y024QHow to start trading
- Sign up for Wealthsimple with code _Y024Q and open a self-directed account (TFSA, RRSP, FHSA or Personal).
- Deposit at least $100 within 30 days to lock in the bonus.
- Search for a stock or ETF and review its price and details.
- Place a market or limit order, or set up a recurring buy to invest automatically.
- Track your holdings and dividends in the app.
Need the full walkthrough? See our step-by-step claim guide with code _Y024Q.
Self-directed trading questions
Common questions about trading on Wealthsimple and the $25 bonus.
