Wealthsimple Trade vs Questrade

Questrade vs Wealthsimple Trade: battle of the discount brokerages!
Choosing the right brokerage is one of the most important decisions you'll make as an investor! One of the main criteria of selecting a platform is commissions and fees. The more you reduce your costs, the more profit you keep from your investments. Both Questrade and Wealthsimple Trade offer low and no-fee trading options, depending on what you're buying.
Many people choose Wealthsimple Trade because it's completely no-fee. But is free really always better? Questrade offers more account options, more securities for trading, and more functionality. If you're anything more than a first-time investor, you'll notice Wealthsimple Trade is lacking by comparison. In this video I go over my experience with each platform, and why I prefer Questrade.
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[@JamaGreekCrew]

Thx so much for the breakdown we are new to the investing world and i had questions about which is better and why u kinda helped us out with that new subscriber here looking forward to more of your content

[@jeremycormier8559]

I use wealth simple to buy Canadian dividend stocks for my TSFA , Quest trade to buy American stocks for my RRSP

[@ybc8495]

u r a richman can fund both

[@colemanvollrath7180]

Thank you very much for the informative video, Bridget!

[@bobbylove5711]

Thanks Bridget! Great vid… im with Questrade and just learned , they charge 3.5 or so % if a Canadian invests in any usd stock… really hits your trading account hard, so I’m looking to other options… we should spread the word …maybe Questrade. Doesn’t lend us usd…and do like normal bank..broker… and convert.. wealth simple I think doesn’t do this… not cool…. I’ll try out wealth simple through your account , until we , as in Canadians get better… thanks for the solid info my fellow Canadian ! ..oh. & happy Canada day !🤟💃🙏❤️

[@purpleblueunicorn]

You need to do Norbert's Gambit to transfer CAD to USD with very little fee, otherwise just buy the USD yourself for a fee similar to Wealthsimple.

[@Recklyss]

I literally found this video because I was trying to figure out how to buy Disney stock lol. It's still not available on Wealthsimple 😩

[@L3G0FaN]

I’m okay to use a different tool for technical analysis if it means saving 5-10 bucks lmao

[@jimhuynh4]

2 year update?

[@the_noble_lefty]

did the max for Questrade stocks change to $6.95$? because its always been $4.95-$9.95

[@BridgetCaseyBC]

it's still $4.95 for most trades but US stocks and options tend to be more expensive

[@vahidespanmanesh8818]

Very useful, I wonder to know if there is a difference between buying US stocks within each of these platforms, as far as I know, wealth simple charges you 1.5% for US stock plus if you are buying US stock from TFSA you need to pay 50 % taxes, is that the case for Questrade as well? Thanks!

[@jeremycormier8559]

If you buy an American stock in your TSFA you get charged a withholding fee from America because they don't recognize the TFSA , I believe its 15% taken off the top in the states before you get the money, And that will happen regardless of what platform you use, American stocks should be held in your RRSP not your TFSA from my understanding. If those accounts are full , Canada taxes 50% of your capital gain and it's added onto the end of your income tax and you are taxed at that rate. If you made 100,000 a year working and 10,000 from capital gains, Your income tax will be 105,000 , with a Marginal rate of 43.4% at 100k in Ontario, On that extra 5000 you'll pay 2,170 in taxes and so on the entire 10,000 you paid 2,170 which would work out to 21.7%. Its different depending which bracket you fall under the more you earn the more you pay in Canada. This is just my understanding and opinion of how it works i'm not an expert

[@vahidespanmanesh8818]

@@jeremycormier8559 Thanks a lot!

[@purpleblueunicorn]

@@jeremycormier8559 15% foreign withholding tax is only on dividends for US stocks. You can recoup it in a non registered account and it's not taxed in a RRSP. In TFSA it is taxed and non recouped. You are always taxed on 50% of capital gains when you sell in a non registered account (probably going to be raised to 75% with next Trudeau budget). This is for US stocks, for ETFs it's more complicated since it can have 1 or 2 levels.

[@ManinderjeetN]

Do you still have the same viewpoint after 11 months?

[@BridgetCaseyBC]

Yes. I've had this viewpoint for years lol

[@casacalmar]

@vahidespanmanesh8818. comments below pertaining to US accounts NOT available with WS are a surprising omission from this video. Otherwise, thanks for the clear explanation.