👇 Find all my referral links in the Description Box, I'll pin them here as well 👇 Moomoo: start.moomoo.com/01JZWQ Questrade: www.questrade.com/affiliate-offer-sdi?irsharedid=Canadian%20in%20a%20T-Shirt&oaa_promo=CANADIANTSHIRT Wealthsimple: my.wealthsimple.com/app/public/trade-referral-signup?code=P0A-UQ EXCEL Fee Calculator - FREE 👇 shorturl.at/pCKBN Note: Do not request to edit this shared file, that would change it for everyone. Just click "Download" and then plug in your own numbers! 😁
Thank you for those kind words! 🙏 This video in particular was a BEAST to produce but I'm very proud of it! I don't think anyone has made these thorough calculations online yet! 😊
Ive been debating switching platforms and I wasnt sure if much had changed since your previous videos. This video came along exactly when I needed it. You offer a lot of detail you cant see on first glance of their websites. This is great! You're great! Thank you for all your content!
Oh most of these calculations are not visible on the main page! You have to go into the fineprint which isn't fun but I'm so glad I was able to help you with your decision! 🙌
You were a major reason I was confident enough to switch from big bank mutual funds to quest etf investmenting. I cant thankyou enough for the thousands i will save in my retirement funds.
Thanks Adrian for this excellent sheet. It is awesome and solve the problem forever. I bet you spend a-lot of time making this sheet for us. Thanks again bro
I just wanted to comment that I keep it very simple within my portfolio, I keep buying just a few Canadian ETFs which I will hold for the next 2 decades, so I use Questrade only. If I ever decide to invest in individual stocks, for sure I will try the other two brokers. Thank you Adrian!
Great Video! Buying US stocks for most individuals will be cheaper with moomoo (unless buying a huge lump sum) but I guess where it gets tricky for long term investors is when you have accumulated a lot of money and need to withdraw most of us will need to convert back into Canadian dollar which would be cheaper with Queatrade (Norbert’s gambit). I guess technically when that time comes we can transfer to questrade then withdraw?
Not at all! Moomoo Canada is a Canadian corporation and fully regulated and insured by the Canadian government. They wouldn't pass those regulations and CIPF insurance if there were any potential concerns like that
Can you be the finance minister for Canada? Great video! I have two questions 1. Can you do a video of how to calculate the tax owed if you do Norbert Gambit in a non-registered account? (Since when you sell the Dlr.u.to, technically you are selling. I dunno how to calculate the gains/losses if there were currency fluctuations since NG takes a few days to settle) 2. I think you used to have an Excel tracker that can track your overall ACV if you buy the same stock multiple times over a time range (and the cost of said stock had changed). Can you share the excel please?
What if you already have Usd cash or earn in USD, wouldn't opening a Wealthsimple USD and moving the cash in there to invest without commissions be best? Whether buying usd stocks or ETFs
Yup! If you already have USD then no conversion necessary! In that case, Wealthsimple would be free (no commissions) as long as you are paying the $10 a month or have over $100K portfolio!
I'm glad i just found your channel very informative, can you do a video on crypto in Canada, don't know if you do it or not but would love to see a video like this ?
I have a tiny amount of crypto (bitcoin and ETH) but it's less than 2% of my portfolio, I have a video about the dangers of crypto from a few years ago! =) th-cam.com/video/E6EavL1pAFE/w-d-xo.html
Yes in the Excel sheet, the numbers there are with Norbert's Gambit. Instead if you want to pay the 1.5% conversion fee directly, it would be the same as Wealthsimple's numbers =)
Love the Video, I was looking for a place to move my USD stocks away from RBC, I already use Wealthsimple for all my CAD investing. However I was conflicted on which to signup for. I will be moving to QuestTrade.
If you're a WS Premium, I heard you get a USD chequing account. Can you not move USD into that acct and then from there to your USD trading account to avoid the 1.5%?
Yes if you already have USD, then no conversion necessary! But most of us Canadians don't! We have to convert our CAD into USD and that's what I'm warning you guys on, do NOT convert using Wealthsimple!
Even your banks will charge you a "hidden" conversion fee between 1.2% and 3% so that won't work either. Honestly, if you really want to use WS then convert with Moomoo or Questrade and then transfer back into WS =)
@@CanadianTShirt right on! I understand. And yeppers that's the plan to Norbert Gambit our cad to usd and then move it into WS. Thanks for all the tips Adrian, you the best!
Isn't WS totally free for US as well if you have over 100k with them? Even with less, the only fee is $10 a month, correct? You can Norbert Gambit with NBDB for $10 flat rate and then transfer over to WS.
Even if you have $100K or you pay the monthly fee, you are STILL charged 1.5% every time you convert currencies so don't do that! Now if you want to convert externally and transfer USD into Wealthsimple then sure go for it!
But so much of their marketing is misleading and many people mistakenly think that they can avoid conversion fees with WS Premium and that's just false and costing people a TON of money...
They also had targeted offers recently to transfer at reduced rates.... 100k was 0% FX fee.... NBDB would be cheap to journal and then transfer over, would take a couple weeks tho.
What about NBF? Their direct brokerage has no commission fees I believe and only Norbert gambit typically costs me $10 but it’s a one time fee. What is the downside for using NBF?
Another great option and great to finally see one of the big banks move in that direction! I am working on a NBDB video as we speak! Hopefully launching very soon! =)
None of these brokerages will have fees for deposits. Some of them will have fees for withdrawals but that depends on the account, for example the registered accounts like RRSP and RESP will usually have a withdrawal fee
question: I want to buy ASML which I think is in Euros, planning to buy around $2000 CAD or USD, which platform is best to buy in in terms of conversion?
For European stocks, they are VERY expensive and annoying to trade directly. As the comment said above, it's better to go with an ADR (US dollars) or a CDR (Canadian dollars) or even an ETF to gain that international exposure!
I'm thinking of moving money into WealthSimple from my two portfolios. They have a bonus right now of 1% for all accounts except LIRA and RRSPs (those get 2%). I have a couple hundred thousand dollars in USD that would be transferred to WS. I don't plan on adding or selling any of these. I can also move my accounts later if I see a better deal. Is it safe to move my USD portion into WS and then just wait until with another platform to move it out?
Do any of these have inactivity fees? I want to convert approximately 5K CAD to USD and buy a couple US ETFs and then forget about it but don't want to get hit with inactive fees if I'm not regularly making trades. And does setting up a drip qualify as not being inactive?
Great video! If I’m day trading 100 TSLA shares few trades a day and keep the money in USD, which is the cheapest? And how much margin is available, and have you ever faced issues with fills / slippage with moomoo?
Paying for the premium version simply allows you to hold USD (which Questrade and Moomoo do for free) Without the premium, WS is even worse since they charge you 1.5% multiple times if you buy and sell!
I break down this important point in my video on why I DON'T Use Wealthsimple for US investing. Very important! th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
As long as they aren't in a locked in account! And most likely those funds can't be held outside of IA so it would have to be sold and then do a cash transfer =)
Thanks for the video You forgot to mention the fact that you can't buy fraction of stock with Questrade and Moomoo by the 2-3 days time it settle my stock went down (good thing if you buy) but sometimes its not the way you want and you lose the time window to invest
In my Moomoo review, I also have a whole chapter on the limitations of the platform and things they are working on (since they are still new) and fractional shares is one of them =) th-cam.com/video/XDLZqGUpqxE/w-d-xo.html
@ Thank you it was a deal breaker for me trying to buy stock in the ~200$ on a low budget ending up with 150$ that is not usable on the stock I wanted to buy quite the shock coming from WS and being able to buy whatever amount I want I DCA in stock I like at every paycheck
Not really... I mean technically you can but you can't do it with DLR. You would have to do it with a cross listed stock like TD or Enbridge. However it's not worth it. The Moomoo conversion fees are instant and honestly would be cheaper than Norbert's Gambit unless you're talking huge sums of money!
@@CanadianTShirt huge thank you Adrian for the clarification ! By the way, I like your vidéos and I follow your Journey since à while now, keep on the good job ! 👌🤌🤘
I talk about the penny stocks and the extra calculations there for both Moomoo and Questrade. Feel free to play around with the numbers in the calculator
So it is basically Wealthsimple and Questrade are same when you are buying multiple individual US stock. It is like choosing to pay conversion or commission. ETF focused investor will be way better off with Questrade.
I wouldn't say they're the same at all. In the long run, conversion fees will cost MUCH more than commission fees. I show this in detail in my video on Why I DON'T Use Wealthsimple for US Investing, check it out =) th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
For my US portfolio over 10 years, Wealthsimple would have cost me almost $4000 in conversion fees.... Whereas the total commission fees I have ever paid in a decade is less than $200. So be careful, but yes if you're going with ETFs, then avoid those commissions! 😊
Thank you for this video. But the US investing fee stuff is too complicated for me. I will just stick to free trading on the Canadian markets with Wealthsimple.
But you will eventually want exposure to the US, they are the strongest market and economy after all! And it's important to do it right and don't throw money away in fees!
@@CanadianTShirt Your video definitely helped clarify it for me, but I just don't want to have to think about how much money I'm losing, or have to use a spreadsheet to figure it out, either. I know it's not the same, but there are a lot of CAD equivalents available, with more coming all the time. Maybe I'm too new to know why I should avoid them, but the ones I've looked at seem to track their US counterparts pretty closely (share price aside).
For simplicity sake, if I had to pick one for US investing, I would pick Moomoo. It's the best value for the majority of use cases. Converting to USD is instant and very cheap and buying stocks and ETFs is also extremely cheap. That being said, CAD counterparts like CDRs are also a good option but they do charge pretty high annual fees... usually around 0.6% which hurts....
@@CanadianTShirt I did watch your VFV video a while back, and again just now. I fall in the category of users that you said should go ahead with VFV. Maybe some day I will go to USD trading..
Thank you! This is great I have been waiting all day for you to drop this video. 😮 Can i ask about instances when you want to move your employee held RRSP accounts (invested in US markets). Would Questrade still be a better option?
Yes Questrade can definitely accommodate that transfer (that's what I did when I quit my job) but be warned, some employer RRSP plans will be locked-in meaning you can't transfer them to an individual RRSP....
@@CanadianTShirt I'm able to transfer the funds. I was just thinking about it from the point of view of applying Norbits Gambit. It won't apply in this case so would QT would be a cheaper option compared to MooMoo
Great informative video as always Adrian! Do you do individual portfolio review? I’ve been investing since the early pandemic and so far I’m doing well. But I would like a second point of view from someone much more knowledgable than me. Thanks in advance
Very informative. Moomoo would probably be worth it for me since 99% of my Questrade is just 2 US stocks and i would save on fees. but since i buy for the very long term (5-10 years minimum) so the 2% fee is more or less negligible. Penny stocks i dont deal with, that crap reminds me of gambling too much. The Wealthsimple fees for US stocks were the biggest turnoff for me when they didnt US accounts or the ability to do options. even now i dont qualify for any for any of their promotions (minimum $100,000 transfer). As of right now its a hassle to move money so ill just pay my QT fees for the time being.
Thanks for the in depth video. How about opening no fees US dollar account with EQ back and using that with no fees Wealthsimple US trading account as a premium customer?
Yes EQ Bank will be cheaper than converting within WS but there is still a very heavy conversion fee! Just that EQ Bank (and all banks) will try to "hide" their conversion fee within the exchange rate. So the exchange rate they give you will be about 1.2% worse than the real exchange rate... so you're only saving 0.3%.... Still WAY more expensive than Moomoo or Norbert's Gambit! =)
It makes sense, without commission fees these conversion fees are a major source of revenue for them. They would never offer Norbert's Gambit, it would cost them way too much money
you should have added a point saying. it is always better to open a USD account through our banks and bring in USD into these accounts instead of paying fees.
Only really helps if you already have USD or you have US income! I talk about this point in detail in this video here! th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
EVERY bank will charge conversion fees, sometimes even worse than Wealthsimple's 1.5%... and even worse, they try to "hide" the fee within the exchange rate. Even EQ Bank which I love, charges you a hidden 1.2% conversion fee... still very expensive! You would save a TON of money with Norbert's Gambit or Moomoo!
@ I didn't say you don't know about it. I know you have talked about it but you would have reiterated it in this video. as we were talking about conversions etc.
TD was the FIRST brokerage I ever used! It's a great platform but expensive... $10 per trade is awful, soon after I switched over to Questrade almost a decade ago!
Wow! It’s not like that anymore. The first 50 trades each year have no cost. Not sure what the cost is after that, but I find it hard to find good 3rd party info.
Wealthsimple is great if you already have USD. I actually think it is number 1 for USD if that is the case. They also have made it easier to transfer in and out USD from a Canadian bank in USD
That's true, if you're lucky enough to already have USD or US income, then sure! Pay that $10 a month and use Wealthsimple the same as you would for Canadian, commission free!
However the vast majority of us don't have USD, we have CAD and so do NOT use Wealthsimple for converting currency! If you want to use them, use Questrade or Moomoo to convert and then transfer USD back into WS
Common misconception for questrade. The 9.95 cap isn’t actually a cap. They’ll just break up the trade into two trades. Let’s say you buy 1000 shares then you’ll pay 9.95 for 995 shares and 4.95 for the last 5 shares.
I’ve had majority of my holdings in tech stocks and I've had 25% increase in my portfolio, especially with Apple’s P/E (price to earnings ratio) but with much uncertainty now, my question is what stocks can be the next APPL in terms of growth for the next decade?
The only issue with Momo is that you do need to have a certain amount of money in order to open the account like your liquids and your net worth and if you don’t have them, you cannot open the account
All of the numbers in the calculator apply to both buying and selling! And keep in mind the special cases section (see that chapter) for selling US stocks with Questrade and Moomoo, there will be a few extra pennies there
Unfortunately no. Questrade is the only one that does full, customizable DRIPs. Wealthsimple is all or nothing, every dividend get's DRIP with fractional shares, I personally don't like this but it's a personal preference
Moomoo is still new and they don't support DRIPs yet but they're working on it! I talk about their limitations in my Moomoo review here =) th-cam.com/video/XDLZqGUpqxE/w-d-xo.html
The premium only helps you if you ALREADY have USD. I go over this important point in detail in my video on the Costs of US Investing with Wealthsimple: th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
As I said, I have multiple brokerage reviews coming up! But in this video, I only wanted to compare the 3 that I personally use and the 3 that I have already explored in detail!
For IBKR and the others, I will first make a dedicated review of it and once my audience is familiar, then I can include in these head to head comparisons
And to your second point, this whole video was pure math, just numbers. There is no bias in numbers. Now if instead I was claiming that one of these platforms is "the best" (which doesn't exist, there is no best) then yes I think bias is a fair argument
👇 Find all my referral links in the Description Box, I'll pin them here as well 👇
Moomoo: start.moomoo.com/01JZWQ
Questrade: www.questrade.com/affiliate-offer-sdi?irsharedid=Canadian%20in%20a%20T-Shirt&oaa_promo=CANADIANTSHIRT
Wealthsimple: my.wealthsimple.com/app/public/trade-referral-signup?code=P0A-UQ
EXCEL Fee Calculator - FREE 👇
shorturl.at/pCKBN
Note: Do not request to edit this shared file, that would change it for everyone. Just click "Download" and then plug in your own numbers! 😁
What are your thoughs on interactive brokers canada
Thank you Adrian. The volume of work you put in your videos is huge and you give them to us for free. Greatly appreciated.
Thank you for those kind words! 🙏 This video in particular was a BEAST to produce but I'm very proud of it! I don't think anyone has made these thorough calculations online yet! 😊
Ive been debating switching platforms and I wasnt sure if much had changed since your previous videos. This video came along exactly when I needed it. You offer a lot of detail you cant see on first glance of their websites. This is great! You're great! Thank you for all your content!
Oh most of these calculations are not visible on the main page! You have to go into the fineprint which isn't fun but I'm so glad I was able to help you with your decision! 🙌
Why dont you compare with IBKR?
I'll be making an in-depth review of IBKR very soon! Stay tuned! There is a LOT to discuss!
I believe IBKR beats everyone when we only invest in US market!
Apparently they are the same they use the same ortal@@CanadianTShirt
Curious about IBKR, too.
You were a major reason I was confident enough to switch from big bank mutual funds to quest etf investmenting. I cant thankyou enough for the thousands i will save in my retirement funds.
Thank you for those kind words! I'm glad my videos were able to set you on the right path! 🙌
WS = CAD, MooMoo = USD Stocks ($40K)
That's what I'm doing! =)
Great Scott! Clark Kent with Superman information in one video! Cheers, my friend.
hahaha thanks Jason! I spent a lot of time in my fortress of solitude going through all this math but I'm back! 😁
Great video. You should add and compare Interactive Brokers pricing (Canada) to your spreadsheet
I definitely will! I'll be making an in-depth review of IBKR very soon so stay tuned! Lots to discuss!
Thanks Adrian for this excellent sheet. It is awesome and solve the problem forever. I bet you spend a-lot of time making this sheet for us.
Thanks again bro
I'm glad you found it helpful! I haven't seen anyone else online make these calculations and I wanted to be thorough! Happy to help! 😊
I've been looking forward to this comparison. Love how you nerded out on it. Thanks so much! But wait... what's with the glasses? 🤔
That's what I do! 🤓 I kept the frames but put in fake lenses! They are now just a fashion piece! 😂
@@CanadianTShirt oh ya, I think I remember you telling us that. Why not!
So convenient to let others do the math for us. Many thanks, Adrian. Very helpful.
Thank you Enid! Glad you found it useful! 😊
Great explanation. Just wished you included Interactive Brokers for your comparison. I need to convert currencies all the time and that's what I use.
Great video! I only invest in ETFs, so I keep everything in my Questrade account.
That works! That was my FAVOURITE thing about Questrade when I started 10 years ago and I'm glad it's never changed! 😁
Great video! Looking forward to the next one.😊
Thank you! 🙂
I just wanted to comment that I keep it very simple within my portfolio, I keep buying just a few Canadian ETFs which I will hold for the next 2 decades, so I use Questrade only. If I ever decide to invest in individual stocks, for sure I will try the other two brokers. Thank you Adrian!
That works! You can't go wrong with ETFs! 😁
Great Video! Buying US stocks for most individuals will be cheaper with moomoo (unless buying a huge lump sum) but I guess where it gets tricky for long term investors is when you have accumulated a lot of money and need to withdraw most of us will need to convert back into Canadian dollar which would be cheaper with Queatrade (Norbert’s gambit). I guess technically when that time comes we can transfer to questrade then withdraw?
Thanks for this. Will start using Moomoo for USD stocks instead of Questrade.
They're both great but I am very impressed with Moomoo and hopefully they continue to improve! =)
Do you think in a worst case scenario that the Chinese gov. Could seize money from a MooMoo account since it's based in Hong Kong?
Not at all! Moomoo Canada is a Canadian corporation and fully regulated and insured by the Canadian government. They wouldn't pass those regulations and CIPF insurance if there were any potential concerns like that
I've learnt so much from your channel. Thank you for making these videos!
I'm so happy to hear that! Thanks for sticking with me! 🙌
Great work. Thanks for putting this together. Would you be able to do a video for options as well?
I don't invest in options and I'd rather make videos on things I have personal expertise in =)
@ fair enough
Love your video great explanation 😊
Thank you! I hope you find it helpful! =)
This is great information, specially for people starting building their financial knowledge. Thank you
I'm glad i could help! Happy investing! 🙂
Another awesome video, fellow Canadian!!!
Thanks Conrad! I'm glad you found it useful! 😊
Thank you so much for this information. Your awesome!
I'm glad it was helpful! 🙂
Can you be the finance minister for Canada?
Great video! I have two questions
1. Can you do a video of how to calculate the tax owed if you do Norbert Gambit in a non-registered account? (Since when you sell the Dlr.u.to, technically you are selling. I dunno how to calculate the gains/losses if there were currency fluctuations since NG takes a few days to settle)
2. I think you used to have an Excel tracker that can track your overall ACV if you buy the same stock multiple times over a time range (and the cost of said stock had changed). Can you share the excel please?
Thank you for video, looking forward to see when you compare to IBKR.
He is in affiliate membership with Moomoo, comparing with ibkr wont be beneficial.
Great video Adrian!
Thanks buddy! I'm glad you found it useful! 😊
What if you already have Usd cash or earn in USD, wouldn't opening a Wealthsimple USD and moving the cash in there to invest without commissions be best? Whether buying usd stocks or ETFs
Yup! If you already have USD then no conversion necessary! In that case, Wealthsimple would be free (no commissions) as long as you are paying the $10 a month or have over $100K portfolio!
Keep in mind that the vast majority of Canadians don't have USD but if you have US income, take advantage of it! 😊
I'm glad i just found your channel very informative, can you do a video on crypto in Canada, don't know if you do it or not but would love to see a video like this ?
I have a tiny amount of crypto (bitcoin and ETH) but it's less than 2% of my portfolio, I have a video about the dangers of crypto from a few years ago! =)
th-cam.com/video/E6EavL1pAFE/w-d-xo.html
just to make sure the conversion rate you showed in the video for QT was using norbet gambit?
Yes in the Excel sheet, the numbers there are with Norbert's Gambit. Instead if you want to pay the 1.5% conversion fee directly, it would be the same as Wealthsimple's numbers =)
Great video Adrian. Questrade does not support Spousal RRSP for self-managed, right?
Absolutely they do! Questrade supports every account! (Minus the RDSP) Wealthsimple and Moomoo are the ones with limited options there
Love the Video, I was looking for a place to move my USD stocks away from RBC, I already use Wealthsimple for all my CAD investing. However I was conflicted on which to signup for. I will be moving to QuestTrade.
Great comparison video!
Thank you! I hope you found it helpful! =)
If you're a WS Premium, I heard you get a USD chequing account. Can you not move USD into that acct and then from there to your USD trading account to avoid the 1.5%?
Yes if you already have USD, then no conversion necessary! But most of us Canadians don't! We have to convert our CAD into USD and that's what I'm warning you guys on, do NOT convert using Wealthsimple!
Even your banks will charge you a "hidden" conversion fee between 1.2% and 3% so that won't work either. Honestly, if you really want to use WS then convert with Moomoo or Questrade and then transfer back into WS =)
@@CanadianTShirt right on! I understand. And yeppers that's the plan to Norbert Gambit our cad to usd and then move it into WS. Thanks for all the tips Adrian, you the best!
@@kingsleychan happy to help! 😁
Isn't WS totally free for US as well if you have over 100k with them? Even with less, the only fee is $10 a month, correct? You can Norbert Gambit with NBDB for $10 flat rate and then transfer over to WS.
Even if you have $100K or you pay the monthly fee, you are STILL charged 1.5% every time you convert currencies so don't do that! Now if you want to convert externally and transfer USD into Wealthsimple then sure go for it!
But so much of their marketing is misleading and many people mistakenly think that they can avoid conversion fees with WS Premium and that's just false and costing people a TON of money...
And yes! I am working on a NBDB video as we speak! Hopefully launching it soon! =)
They also had targeted offers recently to transfer at reduced rates.... 100k was 0% FX fee.... NBDB would be cheap to journal and then transfer over, would take a couple weeks tho.
What about NBF? Their direct brokerage has no commission fees I believe and only Norbert gambit typically costs me $10 but it’s a one time fee. What is the downside for using NBF?
Another great option and great to finally see one of the big banks move in that direction! I am working on a NBDB video as we speak! Hopefully launching very soon! =)
What about deposits and withdrawals what are the fees?
None of these brokerages will have fees for deposits. Some of them will have fees for withdrawals but that depends on the account, for example the registered accounts like RRSP and RESP will usually have a withdrawal fee
@canadiantshirt
Thanks Adrain..i was doing a comparison myself but you reduced a lot of my effort..
Btw back to glasses my friend?? 😁😁
Glad I could save you hours of research! I decided to bring them back, it's been a year since I got my surgery!
Don't worry they are fake lenses, it's just a fashion piece now 😂
question: I want to buy ASML which I think is in Euros, planning to buy around $2000 CAD or USD, which platform is best to buy in in terms of conversion?
ASML is traded on NASDAQ as an ADR. Put it simply, you can buy ASML with USD.
For European stocks, they are VERY expensive and annoying to trade directly. As the comment said above, it's better to go with an ADR (US dollars) or a CDR (Canadian dollars) or even an ETF to gain that international exposure!
I'm thinking of moving money into WealthSimple from my two portfolios. They have a bonus right now of 1% for all accounts except LIRA and RRSPs (those get 2%). I have a couple hundred thousand dollars in USD that would be transferred to WS. I don't plan on adding or selling any of these. I can also move my accounts later if I see a better deal. Is it safe to move my USD portion into WS and then just wait until with another platform to move it out?
Do any of these have inactivity fees? I want to convert approximately 5K CAD to USD and buy a couple US ETFs and then forget about it but don't want to get hit with inactive fees if I'm not regularly making trades. And does setting up a drip qualify as not being inactive?
Nope! None of them have inactivity fees! Questrade used to but they got rid of those about 5 years ago 😊
None of them have monthly fees or recurring fees, except for Wealthsimple if you choose to pay $10 a month for USD (which I don't recommend)
Great video! If I’m day trading 100 TSLA shares few trades a day and keep the money in USD, which is the cheapest? And how much margin is available, and have you ever faced issues with fills / slippage with moomoo?
I'm not a day trader so I don't want to give advice on that. But Moomoo is quite popular and built for day trading so give it a shot!
that referral is sweet thanks
You got it buddy! I'm glad I was able to secure such a great offer for you guys! 😁
Amazing breakdown 😊
I'm glad you found it helpful! 😊
You mentioned that moomoo is instant. Did they finally implement instant deposit?
Not quite yet sadly. No I meant that converting currency is instant!
For depositing money, it still takes one day. Hopefully soon!
My friend bought XRP on Wealth Simple is there a better place to purchase it or is Wealth Simple ok? Thanks
Since it's in USD, I do NOT recommend using Wealthsimple. Go with Questrade or Moomoo instead!
I appreciate you using the chapter functions!
You got it! There's a TON of info here so it's important to navigate! =)
Have you heard of the UK broker called XTB? Is it possible to use XTB broker in Canada?
I don't believe so there are regulatory requirements to be a brokerage in Canada
what if I open a wealthsimple usd account? then convertion fees wouldnt apply right?
Unfortunately they STILL apply. Whenever you exchange currency, you pay that 1.5% fee! Even if you pay that $10 monthly fee for the USD account!
Paying for the premium version simply allows you to hold USD (which Questrade and Moomoo do for free) Without the premium, WS is even worse since they charge you 1.5% multiple times if you buy and sell!
I break down this important point in my video on why I DON'T Use Wealthsimple for US investing. Very important!
th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
As usual great content! Is it possible to move RRSP segregated funds from IA financial to either questrade or moomoo? I am paying high MER on IA.
As long as they aren't in a locked in account! And most likely those funds can't be held outside of IA so it would have to be sold and then do a cash transfer =)
are you in ontario? do you teach in person?
I live in Toronto and Waterloo, I'm 50:50 between each!
If you have sensitive questions you don't want to ask here, we can arrange a call or even a meetup for coaching 🙂
Can I buy stocks or etfs in fractions in moomo? Because questrade doesn’t allow that.
No they don't support fractional shares yet but I know they're working on it! =)
@@CanadianTShirt thank you so much.. I'll register from your link
@@zohaibcc enjoy that bonus! 🙌
Thanks for the video
You forgot to mention the fact that you can't buy fraction of stock with Questrade and Moomoo
by the 2-3 days time it settle my stock went down (good thing if you buy) but sometimes its not the way you want and you lose the time window to invest
Well this video was ONLY about the fees and costs! I will be making a sequel video where I compare all the features! Like fractional shares!
In my Moomoo review, I also have a whole chapter on the limitations of the platform and things they are working on (since they are still new) and fractional shares is one of them =)
th-cam.com/video/XDLZqGUpqxE/w-d-xo.html
@ Thank you
it was a deal breaker for me
trying to buy stock in the ~200$ on a low budget
ending up with 150$ that is not usable on the stock I wanted to buy
quite the shock coming from WS and being able to buy whatever amount I want
I DCA in stock I like at every paycheck
Great video!!
Thank you! I hope you find it valuable! 😁
Is Norbert's Gambit move can be done with Moomoo ?
Not really... I mean technically you can but you can't do it with DLR. You would have to do it with a cross listed stock like TD or Enbridge. However it's not worth it. The Moomoo conversion fees are instant and honestly would be cheaper than Norbert's Gambit unless you're talking huge sums of money!
@@CanadianTShirt huge thank you Adrian for the clarification !
By the way, I like your vidéos and I follow your Journey since à while now, keep on the good job ! 👌🤌🤘
@@dedracingteam I'm glad i could help! =)
Great bro 😊
Thanks buddy! =)
I have been using Questrade for Canadian-only investing. Guess I'm opening a TFSA with Wealthsimple as well...and using that as the primary.
Newb here. Questrade best for SPY as a Canadian?
SPY is a fantastic US ETF. Yes Questrade would work perfectly for that. Moomoo would also be a good choice =)
great video can you transfer for Ws/questrade to Momoo
Absolutely you can! And get those extra transfer bonuses! The more you transfer, the more free money you get! 🙂
Can you compare IBKR as well?
You bet I will! That video is coming up!
Great video. Thank you!
You're welcome! Hope it was valuable info! 🙌
Thx for the video. For USD penny stocks which one is cheapest?
I talk about the penny stocks and the extra calculations there for both Moomoo and Questrade. Feel free to play around with the numbers in the calculator
Again I don't recommend penny stocks, they are VERY risky and 95% of the time you will lose it all so please be careful!
If you sell covered calls which platform is cheaper rught now Questrade is charging me $9.95 plus $1 a contract?
I don't sell options so I don't want to give advice on that. But each of these platforms will support it
Great comparison Adrien thanks! Does Moomoo offer Level 2 market data for free in Canada?
Yes they do! Free level 2 market data! Not only are their fees super low but they have FANTASTIC research tools! =)
So it is basically Wealthsimple and Questrade are same when you are buying multiple individual US stock. It is like choosing to pay conversion or commission. ETF focused investor will be way better off with Questrade.
I wouldn't say they're the same at all. In the long run, conversion fees will cost MUCH more than commission fees. I show this in detail in my video on Why I DON'T Use Wealthsimple for US Investing, check it out =)
th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
For my US portfolio over 10 years, Wealthsimple would have cost me almost $4000 in conversion fees.... Whereas the total commission fees I have ever paid in a decade is less than $200. So be careful, but yes if you're going with ETFs, then avoid those commissions! 😊
Thank you for this video. But the US investing fee stuff is too complicated for me. I will just stick to free trading on the Canadian markets with Wealthsimple.
There's a lot to break down in this video regarding US investing! I hope I'm able to offer some clarity. But nothing wrong with starting off Canadian
But you will eventually want exposure to the US, they are the strongest market and economy after all! And it's important to do it right and don't throw money away in fees!
@@CanadianTShirt Your video definitely helped clarify it for me, but I just don't want to have to think about how much money I'm losing, or have to use a spreadsheet to figure it out, either. I know it's not the same, but there are a lot of CAD equivalents available, with more coming all the time. Maybe I'm too new to know why I should avoid them, but the ones I've looked at seem to track their US counterparts pretty closely (share price aside).
For simplicity sake, if I had to pick one for US investing, I would pick Moomoo. It's the best value for the majority of use cases. Converting to USD is instant and very cheap and buying stocks and ETFs is also extremely cheap. That being said, CAD counterparts like CDRs are also a good option but they do charge pretty high annual fees... usually around 0.6% which hurts....
@@CanadianTShirt I did watch your VFV video a while back, and again just now. I fall in the category of users that you said should go ahead with VFV. Maybe some day I will go to USD trading..
Thank you! This is great I have been waiting all day for you to drop this video. 😮
Can i ask about instances when you want to move your employee held RRSP accounts (invested in US markets). Would Questrade still be a better option?
Thank you for your patience! This video was a BEAST to edit! 😂
Yes Questrade can definitely accommodate that transfer (that's what I did when I quit my job) but be warned, some employer RRSP plans will be locked-in meaning you can't transfer them to an individual RRSP....
Reach out to your HR department and see what their policy is! Worst case, the transfer gets denied so it's worth a shot!
@@CanadianTShirt I'm able to transfer the funds. I was just thinking about it from the point of view of applying Norbits Gambit. It won't apply in this case so would QT would be a cheaper option compared to MooMoo
Oh you will be transferring CAD cash? And you want to convert into USD?
Very informative. Thanks
You're welcome! I'm glad you found it helpful! =)
Great informative video as always Adrian!
Do you do individual portfolio review? I’ve been investing since the early pandemic and so far I’m doing well. But I would like a second point of view from someone much more knowledgable than me.
Thanks in advance
Very informative. Moomoo would probably be worth it for me since 99% of my Questrade is just 2 US stocks and i would save on fees. but since i buy for the very long term (5-10 years minimum) so the 2% fee is more or less negligible.
Penny stocks i dont deal with, that crap reminds me of gambling too much.
The Wealthsimple fees for US stocks were the biggest turnoff for me when they didnt US accounts or the ability to do options. even now i dont qualify for any for any of their promotions (minimum $100,000 transfer). As of right now its a hassle to move money so ill just pay my QT fees for the time being.
Wait what 2% fee? I wouldn't say that's negligible! 2% is a quarter of a year's worth of profit for investing!
If you're using QT please take advantage of Norbert's Gambit! =)
Have you looked at National Bank direct brokerage?
Thanks for the in depth video. How about opening no fees US dollar account with EQ back and using that with no fees Wealthsimple US trading account as a premium customer?
I have a whole chapter on that exact point in my video here on the Cost of US Investing with Wealthsimple! =)
th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
Yes EQ Bank will be cheaper than converting within WS but there is still a very heavy conversion fee! Just that EQ Bank (and all banks) will try to "hide" their conversion fee within the exchange rate. So the exchange rate they give you will be about 1.2% worse than the real exchange rate... so you're only saving 0.3%.... Still WAY more expensive than Moomoo or Norbert's Gambit! =)
@@CanadianTShirt I see. It makes lot of sense now. Thanks for your insights. :)
@@shanntanuade happy to help!
So, you can't do Norbert's Gambit on WS? Why is that?
They don't support journaling which is the crucial part. In fact, you can't even buy DLR.U (the USD version) with WS
It makes sense, without commission fees these conversion fees are a major source of revenue for them. They would never offer Norbert's Gambit, it would cost them way too much money
you should have added a point saying. it is always better to open a USD account through our banks and bring in USD into these accounts instead of paying fees.
Only really helps if you already have USD or you have US income! I talk about this point in detail in this video here!
th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
EVERY bank will charge conversion fees, sometimes even worse than Wealthsimple's 1.5%... and even worse, they try to "hide" the fee within the exchange rate. Even EQ Bank which I love, charges you a hidden 1.2% conversion fee... still very expensive! You would save a TON of money with Norbert's Gambit or Moomoo!
@ I didn't say you don't know about it. I know you have talked about it but you would have reiterated it in this video. as we were talking about conversions etc.
Thanks for the video! Do you have any insights about TD Easy Trade?
TD was the FIRST brokerage I ever used! It's a great platform but expensive... $10 per trade is awful, soon after I switched over to Questrade almost a decade ago!
Wow! It’s not like that anymore. The first 50 trades each year have no cost. Not sure what the cost is after that, but I find it hard to find good 3rd party info.
Wealthsimple is great if you already have USD. I actually think it is number 1 for USD if that is the case. They also have made it easier to transfer in and out USD from a Canadian bank in USD
That's true, if you're lucky enough to already have USD or US income, then sure! Pay that $10 a month and use Wealthsimple the same as you would for Canadian, commission free!
However the vast majority of us don't have USD, we have CAD and so do NOT use Wealthsimple for converting currency! If you want to use them, use Questrade or Moomoo to convert and then transfer USD back into WS
Moomoo doesn't let me go to the withdrawal page
It asks me to change my password and then It says incorrect.
Something Sketchy.😅
I haven't made any withdrawals yet but that sounds like a bug... what does support have to say?
Thank you man! 🙏💪💰🚀
My pleasure! Glad I could help! 🙂
Common misconception for questrade. The 9.95 cap isn’t actually a cap. They’ll just break up the trade into two trades. Let’s say you buy 1000 shares then you’ll pay 9.95 for 995 shares and 4.95 for the last 5 shares.
I’ve had majority of my holdings in tech stocks and I've had 25% increase in my portfolio, especially with Apple’s P/E (price to earnings ratio) but with much uncertainty now, my question is what stocks can be the next APPL in terms of growth for the next decade?
Brother, you have to include National Bank Brokerage. Completely free with Norbert's gambit. 🎉
It's not free, there's a $10 fee but still a great deal!
I'm working on a NBDB video as we speak! Hopefully ready in a week! =)
@@CanadianTShirt thanks brother, yea they charge 10 for norberts gambit but buying and selling USD stocks for free.
What about options fees
The only issue with Momo is that you do need to have a certain amount of money in order to open the account like your liquids and your net worth and if you don’t have them, you cannot open the account
That's not true... you can literally open an account with just $1
Although if you want to get the most value out of my signup bonus, if you can deposit $5K, you would get that $300 bonus! 😁
But even if you deposit just $100, you will get a $50 cash bonus! 😊
@ thank you for telling me
@mikeyoung7640 glad I could help! 🙂
Can you please focus on cost of sale in future videos?
Do you mean cost of sale for business operations? Or do you mean the fees for selling stocks?
All of the numbers in the calculator apply to both buying and selling! And keep in mind the special cases section (see that chapter) for selling US stocks with Questrade and Moomoo, there will be a few extra pennies there
Can you DRIP on all 3 platforms?
Unfortunately no. Questrade is the only one that does full, customizable DRIPs. Wealthsimple is all or nothing, every dividend get's DRIP with fractional shares, I personally don't like this but it's a personal preference
Moomoo is still new and they don't support DRIPs yet but they're working on it! I talk about their limitations in my Moomoo review here =)
th-cam.com/video/XDLZqGUpqxE/w-d-xo.html
Can you do a review of Webull Canada?
I intend to! I am working on a lot of brokerage reviews in the next few months! 😁
I’ve signed up with Moomoo for options trading and US stocks.
I don't do options but best of luck! 🙂
Can you make a review on NBDB please?
I'm working on it! Hopefully in a week or two!
where is IB ? IB charges 1 dollar for 1 trade, it is better then others, also it has direct access to FOREX, no need in Narberth gambit
I will be making an in-depth review of IBKR very soon, stay tuned!
"it is better ***THAN*** others" duh!!!!
@@CanadianTShirt you said this 4 months ago😅
@@rochester3 I'm a one man show... and i have so much i want to talk about!
@ that’s fair, but please make promises you know you’ll keep
a hammer isn't better than a screwdriver?? of course it is! I can hammer in a screw if i try, but good luck screwing in a nail! 😂
Haha but wouldn't you rather have both? 😉
Interactive is cheaper then moomoo when i did the compairson buying stocks and sell even options
I will be making an in-depth review of IBKR very soon! There is a TON to break down, since their pricing is very complex. Stay tuned!
Time to move that heavy portfolio from WS. They smile in my face but take these heavy conversion fees. Thanks Mr Tshirt
Leave the Canadian portfolio! But those USD ones, ya I would transfer over and save a ton of money in the long run! =)
Where is ibkr ??????❤❤❤❤
I will be making an in-depth review on IBKR soon! So much to talk about!
for conversions IBKR is the best.
IBKR is a mixed bag! Some great features, others not so great. I'll be making an in-depth review soon so stay tuned!
But yes for US conversions they are a great option! =)
When will moomoo have FHSA
They're working on it! I've told them to make it a priority!
From what they've told me, they're waiting for the regulatory compliance from the government so hopefully very soon! 🙂
In the meantime, both Questrade and Wealthsimple support the FHSA =)
@CanadianTShirt can you make a video update when it's ready? Would really appreciate it
I'll definitely keep you posted! 😁
IKBR supremacy (For US)
haha I've never heard the word "supremacy" when it comes to brokerages but yes it's also a great option! Stay tuned for an in-depth review!
Wealthsimple premium no fees for U$, your information is incorrect
I'm sorry but that's just not true and it's a very common misconception. Frankly a lot of their marketing has been misleading...
If you are paying for the premium or you have over $100K, you STILL pay that 1.5% conversion fee EVERY time you convert!
The premium only helps you if you ALREADY have USD. I go over this important point in detail in my video on the Costs of US Investing with Wealthsimple:
th-cam.com/video/Nadm0mcHE_Y/w-d-xo.html
Idk why you didn’t add IBKR in it to compare. I feel like cause of the other ones sponsor you. So biased feels like respectfully
I am working on an IBKR video, stay tuned!
As I said, I have multiple brokerage reviews coming up! But in this video, I only wanted to compare the 3 that I personally use and the 3 that I have already explored in detail!
For IBKR and the others, I will first make a dedicated review of it and once my audience is familiar, then I can include in these head to head comparisons
And to your second point, this whole video was pure math, just numbers. There is no bias in numbers. Now if instead I was claiming that one of these platforms is "the best" (which doesn't exist, there is no best) then yes I think bias is a fair argument
WS best for CDN investing. IBKR best for US investing.
I'll be breaking down IBKR in depth soon! Lots to discuss!
Thank you
You're welcome! I hope you find it helpful! 😊