Questrade do chargesl 2% to exchange your currency. (usd to cad and cad to usd) which is 200$ for every 10k, i confirmed this with their customer support live chat
Thank you for pointing that out! I'll mention that in the video description. I found online that Questrade "generally charge about 1.5-1.99%" when converting the currency from CAD to USD. Link: www.remitbee.com/blog/how-to-exchange-currency-in-questrade-to-buy-us-stocks. However, Questrade's website mentions that it adds 100 basis points to the conversion rate (for QuestWealth accounts only). Link: questrade-support.secure.force.com/mylearning/view/h/Investing/Currency%20exchange%20fees%20for%20Questwealth%20Portfolios/.
I personally don't know of anyone who trades with Fidelity in Canada, but I believe this is their online trading website: www.fidelity.com/trading/online-trading (it might be limited to users in the US). Again, please do your own research because I'm unfamiliar with the brokerage.
hey! newbie here. do you think it's better to buy us stocks on wealth simple trade? because you only have to pay 1.5%(conversion fee) buy and sell with no trading fee.on questrade as far as i know you have to pay 2% conversion fee then 5-10 dollars trading fee and if you want to use canadian dollar you have to pay another 2% conversion fee.. thanks!
Hey! From my understanding of both brokers, Wealthsimple trade is better from a commission standpoint (since it doesn't charge any). However, when it comes to conversion rates, there is no conversion fee for Questrade when compared to Wealthsimple Trade (1.5%). I'm not sure where you got the 2% from. Hopefully this article will help clarify things: www.moneysense.ca/save/investing/questrade-vs-wealthsimple-which-online-investing-service-is-right-for-you/
From what I understand is that once you pay the 2% conversion fee (or 0% (?) if youuse the norbits gambit I think its called) then). Then once you have USD in your account you can buy and sell as much as you want with flat fees of $5-10 whereas wealthsimple would charge you the 3% fee for every single US stock transaction you did. So for transactions of $1500 USD that 1.5-3 percent would be like 22.50 - 45 dollars vs the flat rate of quest trade?
Why Questrade is considered a much better platform for American ETF’s or stocks? It has a charging fees when you are selling stocks (wealthsimple doesn’t) and it also has a higher commission fees (2%) then Wealthsimple (1.5%)?
It really depends on what you hope to achieve in the platform. If you're hoping to make more complex trading (i.e. shorting, options, etc), then Questrade is the better platform. If you're hoping to minimize the trading fees then you must consider both the commission and currency conversion charges. I think they've changed since I uploaded the video, but Wealthsimple Trade used to be the better option for that at the time.
When you open 2 trading accounts, the rules for a tfsa applies for one right? Like how much you can put in a tfsa, and how much you can take out, and how much to put back? Basically does it show under one umbrella of how much is in the tfsa with the 2 accounts, or do you have to look at them individually, I guess that question my only apply to how much you are able to put in at once which I believe is under 70k
Hey! Do you mean opening 2 TFSA accounts with different brokers? If so, the maximum amount of money that you can deposit into your account (aggregate between the 2) is known as the 'contribution limit', which varies by year. It pretty much determines the max amount of money you can deposit in your account for the year (but it accumulates over the years if you didn't deposit in previous years). I think this website will help you understand: www.ratehub.ca/investing/tfsa-contribution-limit Hope this helps!
Hello John, I have a question. What if you'd like to open a TFSA with Wealthsimple as a beginner, but would like to later move to Quest Trade as you get more comfortable. Are you able to move your existing TFSA account from Wealthsimple to Quest Trade fairly easily, and without penalty?
Hi there! Sorry for my late response. I think that should be fine, but make sure it doesn't interfere with your contribution limit. If you like both platforms, you could also open a TFSA on each one.
Please answer if you invest yourself $10000 in United State companies(only Stocks) . How much fee we pay Wealthsimple invest vs Questtrade vs Wealthsimple trade. Buy and sell. Thanks.
Thanks Jacen! That's a great question, I am actually thinking about making a video on that in the near future. Essentially, the most important part is to research the company: their news, earning reports, management analysis, etc, so you have a better understanding of how it operates and whether or not you should invest in it. Hope this helps!
Also, with the TFSA account, can you transfer the money you have accumulated in it into your bank account whenever you want? Im confused as to how that works
Yes, the process is quite simple. You can transfer the money from your brokerage account to your bank account directly. For Wealthsimple Trade, you go to your menu --> Funding --> Withdraw Funds --> Select amount --> Choose the bank account. It will then take a couple of days for the money to be deposited. Hope this helps!
Hey! As long as you buy at least one share (and the stock has a dividend yield greater than 0), then you will collect dividends and you may choose to reinvest them. Hope this helps!
@@joao_costa thanks John for prompt reply. Does 0.05% maintainance fee charge towards the total worth of stocks holding on one's account ? could you please elaborate it & also can you make a video on how to buy etfs on wealthsimple app. Thanks in advance
@@knrguy34 I believe the management fee you mentioned applies to Wealthsimple Invest and not Wealthsimple Trade. For Wealthsimple trade, there are no fees for holding the money (as long as you don't exchange your CAD to USD). Hopefully their website will help: www.wealthsimple.com/en-ca/product/trade. That's a great idea! I'm definitely thinking about making more investing videos in the future and I'll take that into consideration. Thanks!
Hey! I have a question as a new canadian beginner :) Can I use Questrade for US trades and then Wealthsimple for Canadian trades? Or is it not possible to use both apps?
Hey Aboud! I didn't compare Wealthsimple Trade and Questrade to either TD/ BMO's investing platforms. This is mainly because most discount brokerages are not affiliated to banks (because most banks provide investment advice or do portfolio performance analysis for the client). Also, I believe that TD Ameritrade is an American broker and not Canadian. Above all, it's important to do your research and know exactly what tools and features you want to use when investing so you pick a broker that matches your needs. Wealthsimple Trade or Questrade may not be your best answer. I hope this clarifies things!
John Costa thanks for responding, I’m just curious because I’ll be joining Rotman next year and want to invest and know about a few options but not sure about which one is the best. Do you know what you hoped to concentrate in?
@@aboudtartir5060 It's great that you're already thinking about investing. Personally, I am happy with Wealthsimple Trade since it is very easy to use and I'm a passive investor (for now). Regarding my concentration, I'm planning on specializing in finance & economics at Rotman.
Questrade do chargesl 2% to exchange your currency. (usd to cad and cad to usd) which is 200$ for every 10k, i confirmed this with their customer support live chat
Thank you for pointing that out! I'll mention that in the video description. I found online that Questrade "generally charge about 1.5-1.99%" when converting the currency from CAD to USD. Link: www.remitbee.com/blog/how-to-exchange-currency-in-questrade-to-buy-us-stocks. However, Questrade's website mentions that it adds 100 basis points to the conversion rate (for QuestWealth accounts only). Link: questrade-support.secure.force.com/mylearning/view/h/Investing/Currency%20exchange%20fees%20for%20Questwealth%20Portfolios/.
rip people with headphones when he plays that "magic" sound
What about Fidelity? Can canadians invest with them? I would love to know the differences between wealth simple and Fidelity for canadians.
I personally don't know of anyone who trades with Fidelity in Canada, but I believe this is their online trading website: www.fidelity.com/trading/online-trading (it might be limited to users in the US). Again, please do your own research because I'm unfamiliar with the brokerage.
hey! newbie here. do you think it's better to buy us stocks on wealth simple trade? because you only have to pay 1.5%(conversion fee) buy and sell with no trading fee.on questrade as far as i know you have to pay 2% conversion fee then 5-10 dollars trading fee and if you want to use canadian dollar you have to pay another 2% conversion fee.. thanks!
Hey! From my understanding of both brokers, Wealthsimple trade is better from a commission standpoint (since it doesn't charge any). However, when it comes to conversion rates, there is no conversion fee for Questrade when compared to Wealthsimple Trade (1.5%). I'm not sure where you got the 2% from. Hopefully this article will help clarify things: www.moneysense.ca/save/investing/questrade-vs-wealthsimple-which-online-investing-service-is-right-for-you/
From what I understand is that once you pay the 2% conversion fee (or 0% (?) if youuse the norbits gambit I think its called) then). Then once you have USD in your account you can buy and sell as much as you want with flat fees of $5-10 whereas wealthsimple would charge you the 3% fee for every single US stock transaction you did. So for transactions of $1500 USD that 1.5-3 percent would be like 22.50 - 45 dollars vs the flat rate of quest trade?
Why Questrade is considered a much better platform for American ETF’s or stocks? It has a charging fees when you are selling stocks (wealthsimple doesn’t) and it also has a higher commission fees (2%) then Wealthsimple (1.5%)?
It really depends on what you hope to achieve in the platform. If you're hoping to make more complex trading (i.e. shorting, options, etc), then Questrade is the better platform. If you're hoping to minimize the trading fees then you must consider both the commission and currency conversion charges. I think they've changed since I uploaded the video, but Wealthsimple Trade used to be the better option for that at the time.
When you open 2 trading accounts, the rules for a tfsa applies for one right? Like how much you can put in a tfsa, and how much you can take out, and how much to put back? Basically does it show under one umbrella of how much is in the tfsa with the 2 accounts, or do you have to look at them individually, I guess that question my only apply to how much you are able to put in at once which I believe is under 70k
Hey! Do you mean opening 2 TFSA accounts with different brokers? If so, the maximum amount of money that you can deposit into your account (aggregate between the 2) is known as the 'contribution limit', which varies by year. It pretty much determines the max amount of money you can deposit in your account for the year (but it accumulates over the years if you didn't deposit in previous years). I think this website will help you understand: www.ratehub.ca/investing/tfsa-contribution-limit
Hope this helps!
This year, the TFSA contribution limit is of $6,000.
@@joao_costa yea pretty much thx
Hello John, I have a question.
What if you'd like to open a TFSA with Wealthsimple as a beginner, but would like to later move to Quest Trade as you get more comfortable. Are you able to move your existing TFSA account from Wealthsimple to Quest Trade fairly easily, and without penalty?
Hi there! Sorry for my late response. I think that should be fine, but make sure it doesn't interfere with your contribution limit. If you like both platforms, you could also open a TFSA on each one.
Please answer if you invest yourself $10000 in United State companies(only Stocks) .
How much fee we pay
Wealthsimple invest vs
Questtrade vs
Wealthsimple trade.
Buy and sell.
Thanks.
Great Video!!! Any advice/resources for beginner investors, literally, to know how to analyze and decide which stock to buy?
Thanks Jacen! That's a great question, I am actually thinking about making a video on that in the near future. Essentially, the most important part is to research the company: their news, earning reports, management analysis, etc, so you have a better understanding of how it operates and whether or not you should invest in it. Hope this helps!
@@joao_costa It's a great idea to start! Looking forward to that video!!!
I have seen multiple people state that there is a 2% conversion fee for the exchange from CAD to USD in Questrade
Also, with the TFSA account, can you transfer the money you have accumulated in it into your bank account whenever you want? Im confused as to how that works
Yes, the process is quite simple. You can transfer the money from your brokerage account to your bank account directly. For Wealthsimple Trade, you go to your menu --> Funding --> Withdraw Funds --> Select amount --> Choose the bank account. It will then take a couple of days for the money to be deposited. Hope this helps!
John Costa Amazing thank you!! Just made my first deposit into Wealthsimple :)
Thhhhhhank you simple concise.I looooove it
I appreciate it!
Thanks John great stuff
I appreciate it Adam!
Hey John , how are you? If i use TFSA on Questrade in US stocks, the gains and dividends will be tax 15%?
I'm good thanks, I hope you are too Mark! I don't believe so, since it is a tax-free savings account (regardless of the broker you use).
Legend. Great video.
Thanks a lot!
cant do scalping trade here in Canada vs US, as they are commission free
Great explanation!!!
Questrade you can do RESP and Lima also...
Wealth for beginners only investing in Canada.. Questrade for well all others.. i have 0.01 per stock trade so .10 to buy 10 shares
Thank you, but you didn't compare the portfolios.
I personally don't have a Questrade account, so I can't compare my own portfolio on both platforms.
Hi john,
is there any min. number of stocks to invest to qualify DRIP?
Hey! As long as you buy at least one share (and the stock has a dividend yield greater than 0), then you will collect dividends and you may choose to reinvest them. Hope this helps!
@@joao_costa thanks John for prompt reply.
Does 0.05% maintainance fee charge towards the total worth of stocks holding on one's account ?
could you please elaborate it & also can you make a video on how to buy etfs on wealthsimple app.
Thanks in advance
@@knrguy34 I believe the management fee you mentioned applies to Wealthsimple Invest and not Wealthsimple Trade. For Wealthsimple trade, there are no fees for holding the money (as long as you don't exchange your CAD to USD). Hopefully their website will help: www.wealthsimple.com/en-ca/product/trade.
That's a great idea! I'm definitely thinking about making more investing videos in the future and I'll take that into consideration. Thanks!
Hey! I have a question as a new canadian beginner :) Can I use Questrade for US trades and then Wealthsimple for Canadian trades? Or is it not possible to use both apps?
Hey! Yes, you absolutely can. I actually recommend you doing that because you'll pretty much have the best of both worlds.
Do you buy US stocks from wealthsimple trade?
Yes you can!
What about TD Ameritrade or BMO financials?
Hey Aboud! I didn't compare Wealthsimple Trade and Questrade to either TD/ BMO's investing platforms. This is mainly because most discount brokerages are not affiliated to banks (because most banks provide investment advice or do portfolio performance analysis for the client). Also, I believe that TD Ameritrade is an American broker and not Canadian.
Above all, it's important to do your research and know exactly what tools and features you want to use when investing so you pick a broker that matches your needs. Wealthsimple Trade or Questrade may not be your best answer.
I hope this clarifies things!
John Costa thanks for responding, I’m just curious because I’ll be joining Rotman next year and want to invest and know about a few options but not sure about which one is the best.
Do you know what you hoped to concentrate in?
@@aboudtartir5060 It's great that you're already thinking about investing. Personally, I am happy with Wealthsimple Trade since it is very easy to use and I'm a passive investor (for now). Regarding my concentration, I'm planning on specializing in finance & economics at Rotman.
What should you do if you're a canadian moving to the united states for good?
I would wait until i move to the states before start using online brokerages
All in AC at ~14$ :)
or SPY puts lol