The DOWNSIDES To Questrade & Wealthsimple Trade | Everything You Need To Know

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Today we'll cover the downsides to Questrade and Wealthsimple Trade online brokerages. We'll cover fees, commissions, and things to be aware about.
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Brandon Beavis was one of the youngest advisors to become fully licensed here in Canada.
In 2013, Brandon officially began his industry studies. Over the years he has completed his CSC (Canadian Securities Course), CPH (Conduct & Practices Handbook), WME (Wealth Management Essentials), 90-day Investment Advisor Training Program, attended the Manulife Professional Development Workshop in Oakville, ON, and attended countless industry seminars, conferences & events to help further his learning.
At age 20, he became a fully licensed Investment Advisor, working for one of Canada’s largest Investment Brokers, Manulife Securities. For 4 years, he worked alongside a highly experienced team at Beavis Wealth Management, specializing in High-Net-Worth Investing. He’s had the opportunity to work under his Father, an advisor of over 25 years, and has dealt hands-on with client portfolios, involving; analyzing, building, and managing multi-million-dollar client accounts.
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Following his initial licensing back in 1996, he completed a number of industry courses, including the Derivatives Fundamentals and Options Licensing Course, Portfolio Management Techniques, Wealth Management Essentials, Investment Management Techniques, Fixed Income Investing, Hedge Fund Essentials, Portfolio Theory, and of course, the Canadian Securities Course.
Marc previously served as a Director of the Canadian Association of Financial Planners (Now FP Canada) including the roles of Vice President and Director of Ethics.
When working in the industry, he held the Chartered Investment Manager (CIM) Designation as offered by the Canadian Securities Institute. In addition, Marc was a Certified Financial Planner (CFP) practitioner, the industry gold standard in financial planning.
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[@beaviswealth]

Edit: it’s been brought to my attention (as mentioned in some comments) that the conversion may not be applicable on US dividend. Thanks for those who shared this info and thank you for your understanding! I'd just like to emphasize that I am a big supporter of both platforms. This is just a video to bring light to the downsides so that you can make the most well-rounded decision as an investor! Thanks for watching! :D You can even sign up and receive bonuses using these links: Questrade (Get $50 in commission-free trades) - www.questrade.com/campaigns/qbaffl50t102?refid=ayiice9l Wealthsimple Trade ($25 cash bonus when you deposit $100 or more) - wealthsimple.sjv.io/zQ1d6 📈📚 As always, if you're a beginner to the Stock Market and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy

[@MonkeyDLucy]

thanks for the video Brandon! I am curious if there are any downsides to using Norberts gambit for my margin account?

[@devonv3786]

Hey when you use questrade active trader do you still pay ecn fees? The commissions to buy a stock is way cheaper. You have to pay into it but if you trade alot it worth it.

[@TheVinceVoice]

@@MonkeyDLucy I use Norbert's Gambit to get away from the conversion fee... however it can take like 5 business days to clear and lots can happen in that time... and so if a stock goes higher by a percentage more than conversion fee you've sort of lost out on that. (Think of fast moving stocks like Tesla) Also it's best to convert at least a few thousand dollars... as smaller amounts will mean that the transaction fees from buying and selling will get closer and closer to the 1 or 2%... I believe there are also ECN fees... I recently bought 6000 shares of DLR.TO... and the cost was $21 CDN for example. (Still waiting for the journalling to finish, but in the past it was definitely more than the $9.99 to sell as well)

[@MonkeyDLucy]

@@TheVinceVoice I did some calculations and it is cheaper. If you have other funds you can use (i.e. margin) while waiting for the funds to journal over, then it seems like a good move. And if you are doing at least a few thousand like you said.

[@computaga]

why does my margin account depreciates daily? even if I dont do anything in a day, I open with 3000 CAD, everyday it lessens 30 to 50$, I asked Questrade they said it might the dollar conversion but the CAD doesnt go down everyday against USD, that's why I opened TFSA and see if it the depreciation happens too, it does not. My TFSA has the same amount it has the day before, unlike Margin I lose 1.++% everyday, because of this I'm thinking of daytrading in TFSA or should I convert all my CAD to USD since I only daytrade US markets. Thanks!!!

[@MrPanthershah]

UPDATE on September 29,2020 from Questrade As of October 1, 2020, our quarterly inactivity fee has been discontinued.

[@dolomike3553]

😂😂😂

[@jojomargaux9295]

😂😂😂😂😂😂 I wish.

[@kengoul9611]

what you talking about ..just paid $5 for one of the trades SMH

[@MrPanthershah]

@@kengoul9611 questrade-support.secure.force.com/mylearning/view/b/Account/Inactivity+fees What are you saying

[@zamran100]

I have Wealthsimple and Questrade. I buy Canadian stock in Wealthsimple and US stocks in Questrade. That’s the best way to go

[@joshuawilkinson3035]

zamran AKA Agha same

[@Gogoel-q8f]

Thats the way to go!

[@Dj-uy1kp]

I do the same!!!! And i use Norbert Gambit for my US stock!!!

[@joshuawilkinson3035]

D j 😂😂that’s crazy, I do it too (DLR.TO ) we are all living the same life

[@Jswindlez]

So I should have my tfsa on wealth simple trade and invest in Canadian stocks and use questrade with my rrsp to buy us and international stocks right? I have both set up already just trying to figure out the best way to do this

[@hugosmith6776]

Quest Trade Customer Service: started this year with them as a total noob, using Brandon's guidance 2 Customer Service help, one FRANTIC not appreciating the time needed from a "bill payment" from my bank to my TFSA acct. i freaked when there was a delay, sent off a "HELP" - within an hour they gracely taught me how this works. and they delivered on another NOOB question.......I can imagine the facepalms going on but that day I was on the correct path in no time. I absolutely love Quest Trade and THANK YOU BRANDON. old bugger, but I was wise enough to stack metals and converted them to this oddity called TFSA (like a noob) I feel like I've learned 10x of what I knew about financials before meeting Brandon. hats off to you - young wise one. give your dad a hug for me(us).

[@the.daily.dollar]

Bro the only downside I can see is that I don't have enough money to invest 😂

[@KFVR91]

Amen

[@xxrngxx5]

Get your bands up!

[@RJ-to1li]

Get tht bread bro✊🏾

[@AhhhSukeSuke]

Yes you do.... Every dollar counts. Put more in whenever you can

[@TT3TT3]

Sometimes I invest as little as 1$ that I got from selling empty bottles and cans I found in the trash.

[@ChoicesHabitsAttitudeLuck]

WST is good for people who are just starting out. Simple and not complicated

[@Oppa.]

Wealthsimple

[@DelargeBeatss]

@@Oppa. on wealth simple there are penny stocks that are not available tho, I just subscribe and I am leaving it

[@MrDmadness]

@@DelargeBeatss generally penny stocks are pump and dump stocks( Google it ) if they are not on ws then they may just be bad stocks simply. As with any stock trading education is key as is timing

[@DelargeBeatss]

@@MrDmadness Thank yoU !!!!

[@MrDmadness]

@@DelargeBeatss no worries. Never bet more than you can lose. Know about bid/ask spread and be aware of pump and dump.. itvCAN be profitable if you buy em low and ate aware of trending, but you can't usually hold these stocks for very long cause they dump.. not always,

[@nicolasbrisson8837]

WealthSimple is great but....1. purchasing usd stocks no us holding account so your forced to pay forex commission. 2. all quotes are 15mins delayed so you need another platform in order to get realtime quotes and 3. Doesn't support ipo purchases until stock is live in market.

[@alexnezhynsky9707]

Shhh... Yahoo Finance just added live quotes for Canadian stocks.

[@cgmodeling]

Give it some time.

[@valorreign218]

Those are some hefty negatives though, imo. Pointless restrictions & fees. And we all know that excessive fees are a serious detriment to a small account.

[@pokiblue5870]

Ikr i use another tool to get real time prices and graphs on one window screen and wealthsimple Trade on the second monitor using an android emulator to use WealthSimple Trade on PC had no issues yet , usually get my order filled using limit order. If you have a good PC youll be able to use the emulator with no lag and no problem. * with wealthsimple trade you dont rly need DRip bec commissions are free. If you have enough capital to get 1 share of the stock you chosen in dividend, you just buy 1 share or more when you get paid. Or use all ur dividends on a stock that went down to reduce ur average price. Happy investing 😜

[@gravityfallscanada]

What other application or website do you use to get quotes?

[@CaseyBurnsInvesting]

Glad you decided to pause your tenure at your firm. Changing lives.

[@merissaliu2278]

You really helped me understanding Questrade's different features from WS. Thank you so much!

[@PooriaAzizi]

It's not just the Questrade that you can hold both Canadian dollars and US dollars in a registered account. AFAIK, Interactive Brokers do that as well

[@ginocolello4241]

What are the de registration fees? Both platforms will charge them?

[@robsmith8304]

I think a lot of your negatives to Wealthsimple have been resolved lately. The only things I can't seem to do on my PC and have to do on a "Smart" phone is typically in the cash account like transferring funds and such. As to stocks, they seem to have what I'm looking for and I'm not sure if they can't trades stocks that you mention.

[@mbabcock111]

Can you verify the 1.5% exchange fee in this example? From Wealthsimple Trade, Non-registered account ORDER EXECUTION ONLY ACCOUNT - Transaction Confirmation Date: 23 Nov 2020 PLTR - Palantir Technologies Inc (Class A) Bought 10 shares Bought at $19.9478 USD per share Gross: $199.47 USD Exchange: 1.3260 Net Amount: $264.51 CAD Fee would be: $264.51 CAD - 1.5% = $3.96765 CAD Actual cost for shares without added fee: $260.54235 CAD Am I correct on this math? If so, this is cheaper than buying 10 shares on Questrade at $4.95, yes?

[@tushitapatel5782]

Thanks for all the research you've done to make our lives easier!

[@dent5672]

Hey Brandon. I'm curious whether or not it makes sense for me to use both. Since I'm Canadian, I can use QW for USA and WS for Canadian? Are there any drawbacks to this that arent already apparent from this video? Do you already have a video about it? Thanks!

[@K06E]

So in other words. Use wealth simple for Canadain stocks and quest trade for u.s

[@curtispineo9393]

ive had to use questrade customer service 7 times. 1 bad experience with them but the fact i had to use them 7 times is a concern. wealth simple has verryyy limited stocks in which to trade

[@denvermarvelous5308]

Just a dumb question ... but I use questrade direct investing and just buy certain stocks I like. So my question is could I also open a robo account with Questrade? I wanted a diversified portfolio but not too sure yet

[@paulvrana5300]

Some more downsides, it takes 3 days to transfer money into Wealth Trade Simple, Questrade I use bill pay and takes a couple of Days. In Wealth Simple Trade it takes 5 days to put it into a crypto account. Questrade doesn't offer Crypto accounts. WealhSimple trade you can't short stocks or trade options. In the Crypto account I see no interface for withdrawing crypto and you can't short it. Only thing you can do is buy it and sell what you have. Can't really play the down side.

[@sheom538]

As I have both platforms and know many things have been changed from 2 years ago in Wealthsimple, I try to keep day trading in Wealthsimple and work on questrade while I wan to hold for a longer time! Do you agree?

[@web3tel]

TD Waterhouse and Investor Edge allow having registered accounts at USD. Not sure why you think that Questrade is unique in that.

[@davidallan4901]

If your a "trader" buying / selling multiple times inter-day. You use a professional trading system. These are not professional trading systems. I do find the video on the cons most useful as these aspects are not covered enough. Closing costs etc are important functions to know.

[@greentea1986]

Alternatively use whitelabels of interactive broker like tradeststion global. Whitelabels does not have inactivity fees. Spot exchange rate and cost only USD2.00/exchange. Commission is way cheaper than questrade

[@Dj-uy1kp]

I use WS for Canadian stocks and Etf and Questrade for Us Stocks. You can use Norbert Gambit to buy Us stocks with Questrade!!

[@anne-mariel3256]

D j yes

[@smeckglory]

Thank you for giving me very important knowledge about both I will continue to have more understanding thanks again 👍

[@murasakiil3845]

Institution like BMO does allow registered account to hold U.S cash. So it's not just questrade

[@georgeemil3618]

If Wealthsimple Trade doesn't offer DRIPs, you can do it yourself by buying as much of the same stock each time you recieve its dividend. Commissions are $0 anyways. Just put into your calendar the dates you recieve the dividend payments.

[@kayvonmotamed]

great point, or go to their robo-investor in Wealthsimple Invest

[@yahyas8730]

I just recently started to trade and I use wealth simple.. I’m mostly interested in investing into US stocks.. Most people recommend using questrade for US stocks as you’re only charged the conversion fee once. So my question is.. for example I’m planning on adding $500 every two weeks into my investing account.. let’s say I’m using questrade and with that 500$ I’m planning on investing into 2 different stocks, or adding shares into 3 different stocks.. Wouldn’t that mean I would be charged 3 times the commission fee, on top of the conversion fee for that 500$.. I understand that it’s a big advantage to be able to hold US money in questrade, but let’s say after a while I want to move some of the profits into my Canadian bank account.. wouldn’t that mean that my US holdings are going to be converted into Canadian again.. I’m a bit confused as I see it as having commission fees as well as conversion fees. Thanks for let me know

[@ianpatti7101]

Questrade has awesome customer service

[@thaodo4631]

Great video! Thank you. I have shared your video with friends and family that are newer to investing :-)

[@beaviswealth]

Awesome, thank you! Appreciate the support Thao.

[@105tacos7]

Crazy how fast you can get here with post notifications on :) (P.S What are your thoughts on the Frontline stock?)

[@ducnguyen-ey3ep]

Brandon I looked up Questtrade site and not sure about whether they charge a/c maintenance fees besides commision fees on buying and selling; the fees the online investing chartered banks platform charge for approx 25$/Q if your account balance is under 15,000$?

[@delwarchowdhury505]

Thanks for the video!

[@stewtube1240]

Thank you for another great video ! It is now Oct. 28 2020 ..I see that now you can purchase crpto currency with Wealth simple . As a Canadian and only using a Wealthsimple account to purchase bitcoin ...do you think that Wealthsimple is a good opton ? Thank you

[@lucaromano1479]

you can use wealth simple on a laptop now

[@-_______________________.___]

Use Wealthsimple for all Canadian trades. Questrade for US stocks.

[@alishauwaneza5879]

this might sound dumb but what determines if it’s canadian or USA stock for example where to buy TESLA, APPLE stocks? is that considered a USA stock?

[@-_______________________.___]

@@alishauwaneza5879First of all, not a dumb question. When determining whether a stock is classified as a Canadian or U.S. stock, the key factor is the location of the exchange where the stock is listed and primarily traded. For companies like Tesla and Apple, they are considered U.S. stocks because they are listed on U.S. stock exchanges. Here are the main points to consider: Listing Exchange: A stock is typically associated with the country where its primary stock exchange is located. Tesla and Apple are listed on the NASDAQ, which is a U.S. stock exchange. Therefore, they are considered U.S. stocks. Company Headquarters: While the location of the company's headquarters can be a factor in how the stock is perceived, it's the listing exchange that primarily determines the stock's classification. Both Tesla and Apple are headquartered in the United States, which aligns with their status as U.S. stocks. If you want to find Canadian stocks I'd recommend looking at stocks listed in the Toronto Stock Exhance (TSX).

[@acmaiden5236]

I went with Wealthsimple trade and I regret it... The 1,5% conversion fee (3% in fact since you gotta switch it back at some point) costed me 600$ for my 20k while I could have paid around 30$ of commision. There's also the fact that I missed 20% of run up due to the delays to move funds in. The 15 min delay and pretty bad UI makes me switch to Webull just to see what's going on. Looking forward to switching to Questrade...

[@veesoho93]

greatvideo ! thank you !

[@reneenadeau9066]

is it possible that since making the video, wealthsimple now supports drips as well as cryptocurrency? i was watching their masterclass on investing and they promoted both of those

[@kayvonmotamed]

Crypto yes, but not sure about DRIPs, i know that happens automatically on Wealthsimple Invest though, which is a separate app but both apps can be managed from the same website

[@kurts3779]

March 28, 2020 to date - $849.16 in fees from Questrade.

[@tariqsoomro148]

H Brandon, as you mentioned in your video that most of the traders are not happy and leave bad comments for Questrade. As i want to day trade which platform would you suggest keeping in mind that I m Canadian. your reply will be appreciated, thanks

[@momowii92]

Doesn't wealth simple have a delay when you buy a stock? Or transfer money?

[@SamuelLavoie]

They run on a 15 minute delay but you can do limit buy.

[@kayvonmotamed]

depositing money takes 3 business days to discourage people from making snap-decisions on putting more money in. and the 15 minute delay is also intentional to discourage day-trading, which they dont want people doing on their platform. its build for long-term investments

[@jo-annguthur7314]

@brandonbeavisinvesting do you still prefer questrade?

[@begley09]

Wealthsimple was a HUGE game changer for me after coming from TD direct investing. Even if TD cut their commission fee, my business will always remain with WS. My approach is dollar cost averaging, just with my risk tolerance I prefer to add to my position little by little vs lump sum investing. It was very evident this was the right choice for me back in March when the market tanked- I was heavily buying everyday; if I was with TD I would have been charged a lot in fees. Saying that, I do not buy USD stocks only CAD whether individual stocks or an ETF that underlines the US market.

[@arashdeepgill952]

Hey that's good to hear but buying only tsx doesn't give too much diversification. It's better to have some US exchanges too!

[@begley09]

​@@arashdeepgill952 I buy ETF's that track US market.

[@gu3sswh075]

@@begley09 look into Direxion and all the SPDR’s if you like

[@dariomilkovic4848]

Can you avoid ECN fees by placing limit orders?

[@madeleinewinterdown3256]

RBC DI lets me hold USD$ & CND$

[@rcadventure44]

Can you use both?

[@18vickram]

Does questrade have an app or no

[@Ratbastard008]

Great video. Please do a video on us dividends vs cnd dividends as per taxes

[@daveweremczuk2729]

But can u use both platforms?

[@peternjack]

Thank you! Very helpful info I've got

[@vfxart1994]

what is the fee for the course? why its so hard to find on the page.Thanks.

[@TT3TT3]

Questrade is expensive if you buy a lot of stocks...Wealthsimple often doesn’t the stocks I’m looking for.

[@derekazyan9942]

Hello I was wondering if I could get some advice? I want to put 10,000 into Tesla stocks. What’s the easiest and cheapest platform to do so? I hear quest trade and wealth simple yet some people say either or both apps are not that great 🤷‍♂️

[@redhwanalfredo4312]

Amazing video Thank you so much!!

[@thommylongkoy9880]

Thanks for the info, it 's really good to know has a beginner

[@Elenistar]

which do you recommend for ETFs? like a long time hold of 20 years for example, something looking at S&P 500. is there any Canadian one actually or that would be always American

[@rajkirannatarajan9276]

XSP.TO/XUS.TO from iShares. XGRO.TO if you want an all in one growth etf.

[@anne-mariel3256]

Ivan Sanchez ZQQ.TO is amazing. But I have VFV for 500. But ZQQ is up 40%

[@schnabs1234]

Maybe I missed it in the video, but doesn't wealthsimple scrape 0.5% of your entire portfolio yearly?

[@0347marvin]

Not for "Weathsimple Trade" which is different than the Wealthsimple robo advisor.

[@schnabs1234]

@@0347marvin Ah ok, thanks for pointing that out

[@rowendw9602]

Amazing video. Very well done

[@lostgoat]

Can you do Norbits Gambit on WST

[@s.n.7990]

How about IBKR?

[@tardogra]

Awesome Brandon 👏👏

[@okdok3742]

btw, how often is that divident charged. is it, every single moment that profit is earned or is it a quarterly or annually type of fee?

[@kayvonmotamed]

i think when you receive the US dividend, its taken out at that time and what you receive is the difference.

[@zl4346]

Do we pay commission fee ($4.95) when purchase ETFs through Questrade? thanks!

[@Cyclulk]

No just when you sell them

[@CarlinCellan]

Is wealthsimple trade available in other countries like mine, Philippines ?

[@kayvonmotamed]

i think you need a Canadian bank account for it to work

[@advenvilla]

Hey Brandon what account do I open after I've maxed out my TFSA and RRSP?

[@commandar88]

Personal account

[@rajkirannatarajan9276]

Margin account

[@khuo0219]

Norbert Gambit all the way if you use Questrade

[@madeleinewinterdown3256]

Wealthsimple charges you 1.5% on the trip down and 1.5% on the trip back. But on the return back, they're charging that 1.5% on your Capital + PROFIT!

[@TheXiaoyy]

wealthsimple also have a time lagging with their platform,

[@rowellramos459]

Yepp, you can't even try to day trade using wealth simple 😂 you'll lose money

[@bineyama7489]

Both Questrade and WealthSimple have a 15 mins delay.

[@rowellramos459]

@@bineyama7489 15 minute delays where? In the chart?

[@bineyama7489]

@@rowellramos459 in their stocks price and market data

[@parmveergill9340]

@@rowellramos459 canadian stocks on TSX are 15min delayed

[@Jessesbarbershop]

I have a question regarding every other part of your body that isn't exposed to the sun while golfing.... Are you like super pale under there or do you spray tan to balance everything out?

[@smithjan1409]

Thumb up man, Can you transfer your funds from Questrade to Wealthsimple?

[@kayvonmotamed]

Wealthsimple can transfer accounts over, it just takes a while

[@travisloewen6191]

Thanks for the info! Ive been looking at transfering my Scotia iTrade account to something with less fees and these seem to be the best options. Speaking of options, it seems like you can't trade them on Wealthsimple. Think I'll definitely be going with Questrade.

[@rubygill6702]

Will wealth simple charge you as well if you’re inactive??

[@kayvonmotamed]

no they do not

[@marklinn23]

This is probably a really dumb question, how do you calculate the conversion fee? If I buy $1000 USD worth of stock with 1.5% conversion fee, does that mean I’m paying $15 USD?

[@Lyotac]

1 CAD = 1.3 USD without fee 1 CAD = 1.315 USD with fee so yes, 15 USD$ or 19.5 CAD$

[@alexnezhynsky9707]

You might be better off with Norbert gambit or Transferwise depending on the amount.

[@Captain_MonsterFart]

I read a lot of those negative reviews of Questrade not long ago. Honestly, a lot of them were written in an unnatural sounding way...kind of contrived. I really believe that some of them are fakes!

[@camanderson9954]

still better than paying 10 bucks a trade through my bank.

[@thePlum]

its insane, TD killed me when I way trying to day trade thru there, Wealthsimple has been a godsend

[@camanderson9954]

@@thePlum i have my normal savings in case of emergencies but my true savings is chilling in a bank stock that i send a few hundred every month. so 10 bucks on a 200 dollar transfer im already down what 5%?

[@CanadianTexaninLiguria]

@@camanderson9954 ROTFL

[@6CAT736]

Yes and td used to charge$ 29.95 for commission per trade

[@patricksuwala4090]

Straight up, TD commissions to buy ETFs for retirement basically makes it stupid to invest any less than $1000 at a time. Need to transfer my retirement over to wealthsimple or questrade.

[@canadiandividendinvestor6772]

Great review, I do Canadian stocks on WealthSimple Trade and US Stocks on Questrade

[@thischeeseburger]

I'm a novice investor. I was thinking the same thing. Are there any downsides long-term?

[@canadiandividendinvestor6772]

C I haven’t found one yet. Wealth Simple doesn’t have as many trade option and it is only open 9:45AM - 4:15PM for trading. It’s not a big deal for DRIPS because you have free trades

[@jhoncena1111]

@@thischeeseburger wealthsimple doesn't allow day trading, takes longer to fund/withdraw, has a 1.5% conversion fee on all U.S. equity trades, slow execution speeds, 15 minute delayed chart, sometimes skims you a few pennies on market orders, and no option trading. Questrade charges commisions on all equities, except when you buy an ETF, and doesn't offer crypto currency trading. I like wealthsimple for long term Canadian investments and investing in stocks with small amounts of money, as that will provide a benefit on the 1.5% currency compared to anywhere else in the canadian market. It's also commission free, but the conversion rate is hiw they make money. I like questrade for investing large amounts of money, as the commission rate range is a flat fee of $5.95 to $9.95. The conversion rate is only a one time fee of 2%, but they offer the nobert's gambit conversion which allows you to save on conversion fees when you're investing over a few thousands. Questrade also allows unlimted day trading, and option trading. A nice twist is you can actually buy option calls in a tfsa, which is a powerful combination. Just try not to day trade too much in your TFSA, keep it to long holds or swings. You can also open an RRSP, use margin in a margin account, and short stocks. Questrade also has fast executions, and will sometimes fill you at cheaper prices than the ask price during a market/limit order.

[@thischeeseburger]

@@jhoncena1111 Thank you for your reply

[@bineyama7489]

@@jhoncena1111 Interactive Broker is much preferable in Canada for Day Traders. $0.005/share commission fee and you can hold USD in your account as well.

[@jankay8569]

Damn Brandon, this is probably one of your best videos so far. As a both QT and WS user, I thought I knew all there is to know about these two platforms but I learned some new things today. Well done.

[@jump312]

if i had to pay 5-10 bucks everytime i would honestly have a hard time holding onto the cash and not buying stuff. i like WSTrade cuz i can just do what i can with what I've got.

[@SaskFisher]

Well my plan was to buy cheap stocks like 2.00 and maybe 20? So an additional 5.00x20=100 on top is getting out of hand

[@devbiol86]

Great video. What is your stance on using Questrade for the US side of the portfolio and Wealthsimple for Canadian only? Or do you think its just easier to stick with one platform.

[@thischeeseburger]

Yes someone please give their insight!

[@lucky247365]

Generally speaking it is typically more effective for retail investors to try and keep most of their investible assets in one institution. The more brokerage companies that you deal with, the harder it is to have good oversight of your total performance. It just takes a bit more work which could be a deterrent for many people. Open banking may eventually make this easier for Canadians, but as of right now it is not really a viable option.

[@gu3sswh075]

It depends which stocks you buy. US stocks have enough volume for you to have confidence that your trade will actually be sent through but you have to pay 1.5% buy and sell = 3%. That’s taken off the revenue not the profit, from my understanding. That’s means if you made 3,4% and pay 3%, you have 0,4% profit!

[@gu3sswh075]

Seems like WS with the USD account is better. $10 / mo.

[@akazakatakable]

Great comparison! I use Wealthsimple trade for some great Canadian dividend stocks, and Questrade for American.

[@leaveitorsinkit242]

I mean… aren’t you eventually going to convert your US dollar gains back into CAD?? Just do it with Wealthsimple.

[@Spencer-ym5lx]

To avoid the regular 1.5% conversion fee on WST I buy ETF's with US holdings that hedged for Candains cause I'm a cheapass. Ex- ZQQ. Nice video tho man 👍

[@billnyeisafraud]

TEC is good too!

[@rajkirannatarajan9276]

Or just Norbert’s gambit with DLR.TO/DLR.U.TO. You can convert with near market rates.

[@kayvonmotamed]

Canadian hedged are sweet

[@chab5181]

Very Important disclaimer. Wealthsimple Trade does NOT charge conversion on dividends payed out by U.S companies!

[@chab5181]

Altho If you were to repurchase US shares with those dollars you would have to pay another 1.5% conversion which is a BIG deal!

[@renztampengco5665]

He just mentioned that US dividends were subjected to ANOTHER 1.5% right?

[@mr-farhang]

This video is very outdated and no longer pertinent... also there are now other no fee brokers, including 1 from a major Canadian bank.

[@nijalshah5015]

Hey Brandon, is there any way to transfer my entire stock portfolio from wealthsimple to questrade? Thanks

[@TT3TT3]

Plus U.S. dividends are taxed outside RRSP accounts.

[@ross4452]

god I wish Canada had M1 Finance, it looks great. for now questrade is fine.

[@thePlum]

ikr!?

[@kayvonmotamed]

WeBull would be good to have in Canada too

[@timw4369]

The downside is just b cause you can trade cheaply doesn't mean it's easy to trade it takes years of trading to figure out how to do stock buys It's hilarious that people! Think the market just goes up. It's not the case and when th market does turn it can crush people and wipe them out Trading is not investing it's gambling.

[@canadianinvestor5682]

I use wealthsimple for canadian stocks. But i will br opening a questrade account to hold US stocks. There are some gems in the US exchanges that no one should be missing out on!

[@IlongoAvelange1]

il ya toujours les frais d,inactivitee ?? fees inactivity ?

[@Syntaxhead]

What are your thoughts regarding the bank's platforms such as RBC direct investing or TD, BMO...etc?

[@FunnyBunneeez]

RBC offers their own robo investor called investease. Seems the same as wealthsimple in terms of fees, portfolios and such. Just seems less user-friendly

[@polestar707]

I have accounts in both platforms. Questrade for US securities and Canadian ETFs. Wealthsimple Trade for Canadian stocks.

[@cameronwilliams9307]

Quest trade has such bad reviews in the App Store. I’m timid to try it

[@FxBrawler]

That covered very important points about unadvertised fees that are often not considered by new investors. Love your stuff Brandon!

I personally use Questrade! No complaints, great platform.

[@subaranatham2558]

Trade 10000 shares x 0.20$ on Questrade and find out how much you lose as commission!

[@DDuda98]

@@subaranatham2558 10 bucks lol ?

[@ed.y.708]

Greatly articulated information for those of us new and willing to self-directed invest - thanks for all your time and dedication - appreciated!!

[@paulwren2261]

Totally agree that questtrade better but surprised u didn't touch on the lack of stock information available on wealthsimple and the 15min delay on stock price real killer if using mkt buy if stock fluctuating alot, questtrade real time and mkt research helps alot more

[@wyattbarnes9641]

Not that much of a pain, just have another app that is at the real time prices and buy based off that. Better than paying commissions on trades.

[@kayvonmotamed]

they do they time delay on purpose to discourage day-trading on their platform, they want their users to be safer and really only invest for long-term growth

[@ThePatrizMae]

Great videos Brandon! Wondering if you can do a video on tips/ a walk through of rebalancing a portfolio. Much appreciated :)

[@GordonGekko98]

Had wealthsimple trade for a year. Basically fully avoided the us market but I’m starting to realize there is more potential there. Starting out it was ok because i was trading small amounts but now that my portfolio is a decent size I think it makes sense to switch. I was thinking of just transferring my Wealthsimple account so the stocks are already bought for free

[@Matt-gm5]

I'm interested to see how wealthsimple will work with the new crypto trading