In this article:
Overview
When you upgrade to USD accounts, you can trade crypto assets in USD and hold USD funds in your Crypto account. Upgrading also provides the following:
- You only pay an FX fee when converting funds to use in your self-directed USD account.
- The option to fund your Crypto account with US dollars from another Canadian institution or from another Wealthsimple USD account without foreign exchange fees.
- Lower FX conversion fees when converting funds between your self-directed CAD and USD accounts.
Available features
You have access to the following features:
- View assets in USD.
- Place USD market and limit orders.
- Fund your Crypto account with USD.
- Place swaps and conduct transfers in USD.
Not all features are available. Please visit the FAQ section for more details.
Add USD funds to your Crypto account
There are three ways you can add USD funds to your Crypto account:
-
Convert CAD funds in your account to USD
You can convert your CAD cash balance into US dollars. There's an FX conversion fee each time you convert CAD into USD, which is in addition to the Wealthsimple Investments Inc. corporate exchange rate. The more you convert at once between your USD and CAD accounts, the lower your FX conversion fee will be. Learn more about FX conversion fees.
-
Deposit USD directly from a US dollar bank account into your US dollar investing account
There aren't any fees for USD deposits. These deposits must come from a Canadian financial institution. We don't support connecting US dollar accounts from US financial institutions.
-
Move USD funds between your existing Wealthsimple USD accounts
Learn about moving funds between USD accounts.
How to trade crypto in USD
To place crypto orders in USD, follow the instructions below:
- Log in to the Wealthsimple app
- Tap the Search tab
- Type in the name of the crypto you'd like to trade
- Select it from the list
- Tap Trade
- Toggle the currency selector to the USD flag
- Enter the quantity or dollar amount of crypto you'd like to buy
- Tap Review
- Confirm the order details are in USD and tap Submit order
- Log in to your Wealthsimple profile
- Navigate to the Search name or symbol field in the top right corner
- Type in the name or the symbol of the crypto coin you'd like to buy
- Select the crypto you'd like to trade
- Toggle the currency selector to the USD flag
- On the right side of the page, navigate to Buy/Sell
- Select the Order type
- Enter the amount of crypto you'd like to buy
- Select Review
- Confirm the order details are in USD and tap Submit order
View crypto in USD
To view crypto in USD, follow the steps below:
- Log in to the Wealthsimple app
- Tap your Crypto account
- In the top-right corner, toggle the currency selector to the USD flag
- Log in to your Wealthsimple profile
- Select your Crypto account
- Toggle the currency selector to the USD flag
Fee-free USD-USDC conversions
We've removed all Wealthsimple trading fees for buys and sells of USDC when your currency is denominated in USD. This is a permanent change for USD-USDC conversions only, and trading fees for all other crypto trading activity will still apply. Trading fees still apply to any trades involving CAD and any crypto, including USDC.
Frequently asked questions
What fees do I pay for USD crypto trades?
To learn more about USD crypto trading fees, view our Crypto Fee Schedule. See above for more information on fee-free USD-USDC conversions.
What functionalities aren't available?
Functionalities such as recurring USD crypto orders aren't available yet. We'll roll these out over time and will update this page accordingly.
What currency does Wealthsimple use to calculate returns for tax reporting purposes?
We calculate the book cost, average price, and total return in CAD. We also report the Crypto Transaction Summary and the Realized Gains and Losses in CAD.
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