Get some free some up bonuses with the links below! Thanks for watching! :) ► Questrade Online Brokerage (Get $50 in commission-free trades) - www.questrade.com/campaigns/qbaffl50t102?refid=ayiice9l ► Wealthsimple Trade ($10 cash bonus when you deposit $100 or more) - wealthsimple.sjv.io/zQ1d6 ► Wealthsimple Invest Robo-Advisor (Receive a $50 sign up bonus) - wealthsimple.sjv.io/7AO7Y 📈📚 As always, if you're a beginner to the Stock Market in Canada 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
You ruined my 3 weeks..I watched your video and tried to open account with Questrade .. they were holding my 20k plus for 2 weeks at the end I couldn’t take it anymore now they will take 5-7 business days to return my money cus I can’t work with a bullshit company like Questrade worst customer service and my put my account on hold even after providing everything . I highly recommend not to waste time with Questrade ... Please don’t guide wrongfully advice people just because you get 1-2k fr stupid companies like Questrade
I repositioned some of my dividend stocks using a broker. Now, I’m buying shares of TSLA, AMZN , AT&T, NVR again. I’m after dividends for passive income but it’s slow growth so now I’ll take my chances on growth stocks like SHLL, WKHS, PLNHF 1 From March I've been able to make a little above $400k. I’m slowly buying fractional shares of BRK-A again, I made other few rather modest investments in individual companies, I'll keep stacking TSLA stocks
I know eh in school they teach kids to get an education so they can get a higher pay job like "how to be an employee for the rest of their life" not how to be the boss and increase their wealth! Kids has to find that on their own when they grow up and majority never do!
I setup a Wealthsimple Trade account just last night. Watching your video after the fact, I do not regret my decision whatsoever. I did my research and I am so happy I did my due diligence. Now I just need to wait for my funds to go through to begin building my portfolio. Thanks for the informative video.
Awesome video, but I think a HUGE part you didn't metnion was that with WS Trade you can't hold USD in any accounts. Yes you can buy US stocks and ETF's but you pay the forex fee on both the buying of the USD and the selling when you sell your position. For investors looking to buy some US-listed equities, this is huge. I think this is a huge plus with Questrade as you pay the forex once but if you sell a US listed stock you can still keep the USD and buy something else in USD. A Canadian investor can only go so far with only CAD listed stocks.
Thanks Sprudy.. that’s a very valuable piece of info - I have a video upcoming soon explaining some of the downsides of these platforms where I'll touch on this!
Two more things I just found out: WealthSimple Trade stock quotes are not real-time. They are 15-minute delayed. Secondly, they do not currently offer a DRIP but that can be worked around by purchasing more stock with your dividend payments since commission is $0. But it's a hassle to stay on top of it.
@@Will-uj7yu Are the fees on top of the exchange rate? We expect financial institutions to offer their own exchange rates in comparison to the FX spot exchange rate so they don't lose money buying and selling the USD with your CAD. Are the Questrade exchange rates in-line with that plus the 1.5% fee or do the exchange rate result in 1.5% difference with the FX spot rate?
So was it .01 / per share to buy or the 4.95 / per share to buy? Find that part misleading. That can add up a lot buying small 2.00 stocks. Or is it .01 per share up to the 4.95 and a min. so either 100 200 stocks or whatever it’s still 4.95. Thanks!
I've commented here and there for the past year, but you are such a great resource for those who are starting out with trading. I've recommended you to all of my friends who are looking to start. Keep up the great work!
As a Wealthsimple customer since October 2018 I couldn’t be happier and Proud of myself for my decision to go with Wealthsimple Invest ! Easy to invest and auto invest the dividends on autopilot for the next 30 + years !
Good for you man, many people don’t know anything about their investments, which is not bad, but you could miss out on lots of money over the long term,
God you're the big brother I needed😭 After watching 4-5 of your videos I am actually starting to get everything!! Thank you for sharing your knowledge.
I'm more worried about % than flat fees I don't care if it's 5 or $10 per trade, in 20 years when I go to take it out I don't get hit with % on a $5,000,000 I've saved which will cost me a thousand times more than any fee.. say I was going to put in 1 mill for 10 yr at which time I expect the Canadian dollar to be worth a lot less than US as we've electrified and oil has crashed, which one is best for bringing that money back from the USD stocks I've invested in ?
Wow! Thanks so much Brandon, I'm so happy i stumbled upon you. Youre very good at explaining, you make it easy to understand and love the fact youre Canadian! Makes it so much easier since I've been stumbling on American videos (which dont always help me)
Hey Brandon. Can I buy fractional shares in Questrade? I am thinking if buying fractional shares in Tesla Amazon and google. Or should I just put that money into VFV? I have wealth simple account fir my tfsa Canadian portfolio and Questrade fir my US tfsa
Brandon you forget to mention, with wealth simple you are purchasing Canadian stocks, you can purchase US stocks but the conversion fee apply. Now if that if that stocks pays dividend in USD, it will automatically convert back to CAD, which will occur a conversion fee as well; when you want to use the dividend to buy more of that usd stock you have to pay the conversion fee again. If that issue is solved, where they have an usd and cad account where you money is automatically park when receive dividend without converting back and forth to incurred conversion fees, then it’s really worth it.
If you have little money, Wealthsimple makes sense on USD, commission fee of 3% (buy and sell) @ $500 is $15, my basic rule of thumb is below $500, Wealthsimple, above $500 trades, use others
I agree with being deterred by investing using the bank platforms. What platform would you suggest for investing in fixed income and GICs to avoid these huge fees?
I think for purchasing individual stocks you are correct, it doesn’t make sense to use any of the banks, but if you are purchasing funds it shouldn’t be determined by which institution is cheaper, but should compare different portfolio and portfolio management and see if the returns are better even with the fees..right? I purchased TD TSFA index funds, one is US capital which essentially more than doubled last year. By comparison the global index grew much less.. I guess what I mean is, if the global index was purchased for example, on wealth simple, it still cannot compare with the return on the TD portfolio. And I don’t know if it is easy to replicate a portfolio.. do each institution and portfolio disclose which stocks are being held? Do you know any resources for such comparisons? Thanks. :) very happy to find your channel, learning a lot.
Wealth Simple Trade - TFSA - VTI ETF is what I've been doing. I get screwed on the exchange rate and witholding fees, but it is what it is. I'm doing $800/month for like the next 30 years.
I ended up here as an investing beginner after watching numerous videos on TH-cam and realised M1 fiance, Webull or even Robinhood are not available in Canada. Thank you for the the helpful video though, it was really thoroughly.
Yes, buying US securities through Wealthsimple Trade is very expensive. You technically don't pay a transaction fee, but the exchange rate you're given equals a transaction cost of almost 2%. I just bought a few shares of a US company for $1,135 and essentially lost $20 due to the exchange rate. The simple non-intimidating layout doesn't make up for this bad exchange rate imo.
this is exactly what happened to me too! have you found a solution? Is there a way for Canadians to use platforms like weBulll (which is not available in Canada sadly)?
Ed Walkcow yes, use Questrade. I’m using Questrade now. You can use “Norbert’s Gambit” to avoid the transaction fee. Keep in mind though that the CAD/USD exchange rate fluctuates
Good video - building a portfolio using ETFs is a good approach - you should be aware that the ETF charges a fee so you need to add the the brokerage fee and the ETF fee to get a more accurate value of the cost of buying ETFs. Just something to be aware of .
Thank you for this informative video. My main concern before choosing a broker is to find out what I want to invest in. Unfortunately, using those platforms, you need to know exactly which stock to buy. It would be useful to have a search engine by criterias to create a list of stocks, ETF, etc... from which we could choose our favorites. Do you know if such a tool exists somewhere on internet ? A suggestion for a beginner to start with ?
Thanks for the Canadian content. Been trying to increase my financial knowledge and have subscribed to the channel. I've been trying to make the decision on which broker to use, so this video was helpful.
@@rayallen953 I've got about 15K in my TFSA and about 25K in RRSP that I want to dollar cost average into ETF's. Debating about doing my own 3 ETF portfolio or going with VGRO to start. I'm hoping to save $200/week into my TFSA and then invest it once a month.
@@rayallen953 Yeah I'm going to take it slow. Start with buying some core ETF's and then invest with what I save per month for now. That way I'll be comfortable with the process, and when there is a sale I will be able to take some of my savings and buy some extra. Thanks for the advice, I'm hear to learn.
I changed from Scotia Itrade to National Bank Direct Brokerage because itrade was charging me 7 times more for an option trade and almost one percent more for margin interest rate. I am completely happy at NBTD. No commission trades, cheaper margin interest, and lower options fees. Best customer service as well
Great stuff. Wealth simple trade does charge a commission if you buy American stocks like on the Dow Jones or on the NASDAQ just wanted to let you know that .I am with Scotia iTRADE but I am in the process of switching everything over to wealth simple trade..I also just got both my daughters set up on wealth simple trade.
Thanks so much for a great video. It would be great if you had time to do a video to compare some of the other fees. ie fees for transfering account, rrsp withdrawals (for home buyer plan), withdrawal fees for tfsa.
I use RBC Direct Investing and it has no minimum account balance or trading activity required. The only issue is the 9.95 trade fees. so if you buy long term it might be good for you.
Yes RBC is a waste of time unless your buying 1000 shares or more or as you said only doing long term investing. Scotia I Trade offers $5 commissions for those that do 150 trades in 3 months. Those that buy 500 shares or more each time, this is a good commission.
Hey, what about Q trade? I opened a wealth simple account...and will probably close it. The features for analysis and comparisons and screeners in Q trade are worth it. It gets consistently high ratings from reviewers.
Thanks, Brandon...I ran into your YT account just recently (with your Dad)...warms my heart...I really enjoy...I too use QT...who do you use for your watchlist and research, please...JG
Great update. I'm considering the merit of starting a fund in each of the 2 online brokers to observe which approach works better over time? E.G. 5K in Questrade self directed TFSA and 5K in Wealthsimple Roboadvisor TFSA. What do you think about this approach?
Thanks E. I think that’s a totally doable idea if you’re looking to experiment with which style you prefer! Ultimately I’d like to have my assets consolidated but that’s just me :)
Good video Brandon, thank you! This is my first time watching you - under advice from a longtime friend. I'm a Non-Resident Canadian and for the last 7 year have invested through the TD Bank. I'm a resident of Thailand. Just this month the TD bank has advised me that I should liquidate/transfer out all of my investments with them otherwise they'll get frozen. Something about policy change.... Have you ever considered doing a video directed at Non-Resident Canadians? I'm sure there are probably more than a few investors in the same boat as me.
I just opened a TFSA with iTrade scotia. I'm now looking into Quest Trade, but you can't do both right? OR is QuestTrade different from a TFSA? Can you decided to switch later on once you have more knowledge?
Also Wealth Simple Trade makes their money on a 1.5% round up on buying U.S stocks and another 1.5% round up when selling. So try only using Canadian stocks
FYI for Questrade , when you send them an email question , they respond days later with a response to call them instead ( this is for security ) Otherwise , the trading .. buy/sell component is pretty straightforward. They also have a webinar to assist in learning to navigate the site
Thanks for this video, as a beginner I have to wrap my head around quite a lot of issues with investing, but I will use the info in this video in selecting a platform. Thanks a lot
Can someone please tell me which free trading accounts that you can buy the Crypto’s & Canadian stocks from here in America. I’ve made dozens of calls to no avail. Thank you Tom
Thanks for the video!For someone who has recently created a portfolio for TFSA & RRSP with a bank and wants to change to WealthSimple or Questrade, is that possible?Would your RRSP or TFSA be affected?Thanks!
Hey Brandon, Quick one, if you chose the self-directed investing option on Questrade, are the capital gains going to be taxed? How do we mitigate that? Thanks for your help
I’m not Brandon but maybe I can answer. You’ll be taxed on 50% of your capital gains in Canada. You can open a TFSA account to avoid paying taxes on cap gains (there’s a limit to how much you can put in your TFSA yearly).
Thanks for explaining your preferred platform for investing. Do you export your trades to an accounting program? I'm just looking to switch from CIBC IE (several reasons) but before I invest my time setting up and learning to use a new platform, one of the key features missing from IE is a way to export my transactions to my accounting program. I understand there's no set format (yet) for stock trades (bank transactions have ofx standard among other common formats). Even a csv file would do - I can train gnucash to recognize the file contents. Sadly IE only offers Excel which is not a secure format, i'd have to open in another program to convert to csv and that's too much time and effort. I'd like to know if you've found a method to integrate your financial activities.
Hey EF, I was thinking about CIBC because Questrade has, although #1 In the top 5 online brokerages, has awful customer-trader reviews. Bank fees are so high, but I need a secure platform that has some transparency. This researching is like the rabbit hole 🐰 I want to trade in US markets, keep my fees low. Have you found platform that benefits you yet? 😊
@@redbrown134 I've been using CIBC for the past 2 years, but after the underwhelming experiences I've had with their dinosaur of a trading system, I decided to consider reviews of other online brokers. I've been trying out Questrade for the last couple weeks. I have to say I'm impressed, especially with their customer service. From setting up an account to creating watch lists to transferring funds and trading, they have a faster, more intuitive and better-featured platform backed up by professional well-trained agents. I can export as csv from their desktop version (and import into gnucash after modifying the date format), but I've done everything else on their web platform. I can see the files I've uploaded to open the account (they're very strict with documentation) and their fees are clear and lower than CIBC. They give 10 free trades and up to $150 fee reimbursement to transfer stocks from other brokers (the PROMO10 refund is issued within a couple days of a transaction). I've had 4 flawless interactions with their customer service via chat and phone: they stay until the backlog is cleared from closing ... hours sometimes (best time to catch them is just before the trade floor opens). I can see why they're consistently ranked #1. Compared to the underwhelming experiences I've had with CIBC over the last 2 years (multiple errors by their undertrained customer service on a system that is going down and taking a week or more response times now, watch lists limited to 10 stocks and an antiquated website/app design), I expect I'll be migrating after I've used this for a couple months. (I also tried WealthSimple Trade, which is, well, simple, but doesn't have the features I need like integrated research tools and customizable portfolio tracker widgets. Trades are free, but, as they say, you get what you pay for. They do have awesome customer service though.) If you'd like to try Questrade, use my referral key (826004640437464) for a $25 cash bonus.
What about Interactive Brokers. I have used QuestTrade, WealthBar, Wealthsimple and WealthsimpleTrade and my unquestionable preference is Interactive Brokers.
Matthew Hoffarth it is cheaper, especially for trading options. It also is more secure ie it has stronger protection. It has better tools to analyze and implement strategies.
Hey new to investing. Is it true that wealthsimple only supports stocks and ETF's and not other assets like mutual funds, preferred shares or Canadian securities?
I have RBC Direct investing and it is really expensive. I started using wealthsimple invest and trade last year but most of my funds are still in RBC. Pros of wealthsimple trade is for a beginner like me, you can buy 1 stock without fees. Hope to transfer my RBC account in the near future 😂
This was extremely helpful Brandon, thank you so much!! I will most likely be going with wealthsimple standard or the trade version, as I am very new and have little to no capital to start with. Thanks again!
Watch for the 1.5% exchange rate fee they charge when you buy and when you sell. Unless you make a profit of 3%, you will actually be losing! I got caught in this and lost 2k.
Hi Brandon.I"d like to choose broker for buying some stocks and hold them for years,so inactivity fees for me are important.As I understood questrade allows avoid inactivity fees if my balance is more than 1000 $ or I need to have ready bought stocks for 1000$ to avoid inactivity fees.That is not really understanding for me.Thanks.
Hi brandon if I use wealth simple, how do I know if i should use personal, tfsa of the rrsp? I dont have TFSA or RRSP currently with my bank . I plan to download WealthSimple Trade and buy crypto and some stocks. When funding my account is it best to put on personal ? or i can just put fund on the TFSA or RRSP on that mobile trading app?
Hey Brandon. I'm completely new at this and so glad to have found you. Love your videos. My question is can you change trading companies later on if you become more savvy at this. Ie. From wealthsimple to wealthsimple trade? And if so, what are the penalties?
Hey Brandon. What do you use to keep track of several stocks all at once to compare seeing that you mentioned you don’t use quest trade to do so. Thanks
Personally been using CIBC, I think they do fees best with their rate of $6.95 for any amount of shares. Platform itself could be better in terms of UI and experience. If I'm buying a very cheap stock I'd always end up paying more with Questrade as you'd have hundreds or thousands of shares. I suppose it depends on your trades.
26:13 "If I did miss anything that I forgot to mention..." j ... 7:05 "I can always rely on some other source for my source of research" So..... what sources and resources do you use for your analytics?
Thank you so much for all the free knowledge you post on your channel. As a new investor who wishes they started earlier and who wishes they TAUGHT US THIS IN SCHOOL! I am learning a lot. Cheers.
Wealthsimple trade suck if you are day trading, the stock price is delayed and you might end up buying at a higher price when the actual stock price is low because the app hasn't refreshed the stock price, so that is why never market buy with Wealth Simple Trade, do limit buy. I use questrade to buy US stocks and the price is delayed but there is a button that refreshes the price.
Hey man I just wanted to say thank you. I’m a young investor (19) and have found your vids really helpful and help everything make sense. Was wondering if you had any advice for a young dude. Thanks again
Brandon Beavis Investing. You mention using 'Questrade' if you're able to understand "how to." Do you have any resources that you would suggest to 'us' the viewers to self-educate in combination with your material? THANK-YOU, from Saskatchewan, Canada.
Which website or app takes the least time to deposit your money I hate waiting 5 business days just to invest when sometimes I lose money not investing at a low
I would like to know how to open a demat account and I have already a savings account (checking a/c). Please advise. Thanks for the wonderful informative video 🙏
I am trading in Canada and using wst app which is zero charges for stocks but exchange rates are too high if I buy stocks in USD. any suggestions I would like to switch to a better one because some key ETF are also not available in wst. my final question is which brokerage would you consider as best?..
Hey Brandon question. I got a TFSA Account with CIBC. Opening another TFSA on Questrade, do you think that's a good option or I should void the one I have with CIBC and start with Questrade?
I believe you can have as many TFSA accounts as you would like. However, keep in mind the total amount of contribution into TFSAs cannot surpass your available TFSA contribution for the year. You should also keep in mind to ensure activity on both accounts to avoid maintenance fees if such fees exist.
Thanks for the video. I have trade account with TD. I think one good thing is that set min $100 auto deposit each month to TD trade account. It waived the quarter fee. It is easier help me to save a little money each month and currently only have little money to invest.
Get some free some up bonuses with the links below! Thanks for watching! :)
► Questrade Online Brokerage (Get $50 in commission-free trades) - www.questrade.com/campaigns/qbaffl50t102?refid=ayiice9l
► Wealthsimple Trade ($10 cash bonus when you deposit $100 or more) - wealthsimple.sjv.io/zQ1d6
► Wealthsimple Invest Robo-Advisor (Receive a $50 sign up bonus) - wealthsimple.sjv.io/7AO7Y
📈📚 As always, if you're a beginner to the Stock Market in Canada 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
I trade CFDs with European brokers, $1.5 commission
Do you have a problem with interactive broker? Also do you get paid for the reviews?
what's the catch of wealthsimple trade? I mean it can't be free how they make their money? which form of fee you pay?
You ruined my 3 weeks..I watched your video and tried to open account with Questrade .. they were holding my 20k plus for 2 weeks at the end I couldn’t take it anymore now they will take 5-7 business days to return my money cus I can’t work with a bullshit company like Questrade worst customer service and my put my account on hold even after providing everything . I highly recommend not to waste time with Questrade ... Please don’t guide wrongfully advice people just because you get 1-2k fr stupid companies like Questrade
Hey Brandon, is wealthsimple trade aafe and secure to use?
2:24 questrade
10:06 wealthsimple
13:58 wealthsimple trade
17:16 bank online brokerages
I guess he only 'reviews' broker's who can give him affiliate money.
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I maintain that investing in stocks is still one of the very best means of doubling or holding your funds. Who thinks otherwise? Let’s debate. Lol
I repositioned some of my dividend stocks using a broker. Now, I’m buying shares of TSLA, AMZN , AT&T, NVR again. I’m after dividends for passive income but it’s slow growth so now I’ll take my chances on growth stocks like SHLL, WKHS, PLNHF 1 From March I've been able to make a little above $400k. I’m slowly buying fractional shares of BRK-A again, I made other few rather modest investments in individual companies, I'll keep stacking TSLA stocks
If only we learned this stuff in school haha. great vid
I know eh in school they teach kids to get an education so they can get a higher pay job like "how to be an employee for the rest of their life" not how to be the boss and increase their wealth! Kids has to find that on their own when they grow up and majority never do!
Exactly i wish i knew all this back in high school!!!
I setup a Wealthsimple Trade account just last night. Watching your video after the fact, I do not regret my decision whatsoever. I did my research and I am so happy I did my due diligence. Now I just need to wait for my funds to go through to begin building my portfolio. Thanks for the informative video.
How’s it going
Awesome video, but I think a HUGE part you didn't metnion was that with WS Trade you can't hold USD in any accounts. Yes you can buy US stocks and ETF's but you pay the forex fee on both the buying of the USD and the selling when you sell your position. For investors looking to buy some US-listed equities, this is huge. I think this is a huge plus with Questrade as you pay the forex once but if you sell a US listed stock you can still keep the USD and buy something else in USD. A Canadian investor can only go so far with only CAD listed stocks.
Thanks Sprudy.. that’s a very valuable piece of info - I have a video upcoming soon explaining some of the downsides of these platforms where I'll touch on this!
Let ws be only for your canadian stocks and questrade to US stocks
You can avoid the fee
Also the fees for each convertion is 1.5%, which means you pay a total of 3% to buy and sell a usd stock with ws trade.
Two more things I just found out: WealthSimple Trade stock quotes are not real-time. They are 15-minute delayed. Secondly, they do not currently offer a DRIP but that can be worked around by purchasing more stock with your dividend payments since commission is $0. But it's a hassle to stay on top of it.
@@Will-uj7yu Are the fees on top of the exchange rate? We expect financial institutions to offer their own exchange rates in comparison to the FX spot exchange rate so they don't lose money buying and selling the USD with your CAD. Are the Questrade exchange rates in-line with that plus the 1.5% fee or do the exchange rate result in 1.5% difference with the FX spot rate?
Amazing content finally found a Canadian based creator giving advice for Canadians new subscriber here..
So was it .01 / per share to buy or the 4.95 / per share to buy? Find that part misleading. That can add up a lot buying small 2.00 stocks. Or is it .01 per share up to the 4.95 and a min. so either 100 200 stocks or whatever it’s still 4.95. Thanks!
I've commented here and there for the past year, but you are such a great resource for those who are starting out with trading. I've recommended you to all of my friends who are looking to start. Keep up the great work!
As a Wealthsimple customer since October 2018 I couldn’t be happier and Proud of myself for my decision to go with Wealthsimple Invest ! Easy to invest and auto invest the dividends on autopilot for the next 30 + years !
Good for you man, many people don’t know anything about their investments, which is not bad, but you could miss out on lots of money over the long term,
ray allen I do use Wealthsimple Trade as well but I do prefer ETF’s so it’s where my focus will be.
How successful has it been since?
@@chantalv.m5132 after 6 years I’m up $110k
God you're the big brother I needed😭 After watching 4-5 of your videos I am actually starting to get everything!! Thank you for sharing your knowledge.
Are you making good money or losing now ?
I'm more worried about % than flat fees I don't care if it's 5 or $10 per trade, in 20 years when I go to take it out I don't get hit with % on a $5,000,000 I've saved which will cost me a thousand times more than any fee.. say I was going to put in 1 mill for 10 yr at which time I expect the Canadian dollar to be worth a lot less than US as we've electrified and oil has crashed, which one is best for bringing that money back from the USD stocks I've invested in ?
HI Brandon Can use Quest Trade to buy stockes in USA?? Like amazon , google, tesla,etc??
Yes you can!
Wow! Thanks so much Brandon, I'm so happy i stumbled upon you. Youre very good at explaining, you make it easy to understand and love the fact youre Canadian! Makes it so much easier since I've been stumbling on American videos (which dont always help me)
Hey Brandon. Can I buy fractional shares in Questrade? I am thinking if buying fractional shares in Tesla Amazon and google. Or should I just put that money into VFV? I have wealth simple account fir my tfsa Canadian portfolio and Questrade fir my US tfsa
i would buy fractional shares with wealthsimple
You are very well spoken for a young man.
Thanks for the balanced unbiased perspective, very practical advice.
I’m from the island just getting started and your videos have helped so much!
It great to see with more online brokers,
the consumer condition gets better and better!
Brandon you forget to mention, with wealth simple you are purchasing Canadian stocks, you can purchase US stocks but the conversion fee apply. Now if that if that stocks pays dividend in USD, it will automatically convert back to CAD, which will occur a conversion fee as well; when you want to use the dividend to buy more of that usd stock you have to pay the conversion fee again. If that issue is solved, where they have an usd and cad account where you money is automatically park when receive dividend without converting back and forth to incurred conversion fees, then it’s really worth it.
Great point Huy thanks for sharing!!
If you have little money, Wealthsimple makes sense on USD, commission fee of 3% (buy and sell) @ $500 is $15, my basic rule of thumb is below $500, Wealthsimple, above $500 trades, use others
Can one shift from say wealthsimple trade to questrade or any? Any issues moving this and that?
As many say, Wealthsimple is not recommended for buying US stocks. You are better of with Questrade for that as you get to use the Norberts Gambit.
Happy new year 🎈🎊
I agree with being deterred by investing using the bank platforms. What platform would you suggest for investing in fixed income and GICs to avoid these huge fees?
How much brockrage questrade and WS charge in delivery order(long term stock Holding)?
Not for day trading.
I think for purchasing individual stocks you are correct, it doesn’t make sense to use any of the banks, but if you are purchasing funds it shouldn’t be determined by which institution is cheaper, but should compare different portfolio and portfolio management and see if the returns are better even with the fees..right? I purchased TD TSFA index funds, one is US capital which essentially more than doubled last year. By comparison the global index grew much less.. I guess what I mean is, if the global index was purchased for example, on wealth simple, it still cannot compare with the return on the TD portfolio. And I don’t know if it is easy to replicate a portfolio.. do each institution and portfolio disclose which stocks are being held?
Do you know any resources for such comparisons? Thanks. :) very happy to find your channel, learning a lot.
Do you get pre market or aftermarket with any?
Wealth Simple Trade - TFSA - VTI ETF is what I've been doing. I get screwed on the exchange rate and witholding fees, but it is what it is. I'm doing $800/month for like the next 30 years.
For Wealthsimple trade, is it possible to purchase ETFs as well?
Yes of course
Thanks for the video. Can I transfer what I have with CIBC Edge to wealthsimple?
I ended up here as an investing beginner after watching numerous videos on TH-cam and realised M1 fiance, Webull or even Robinhood are not available in Canada. Thank you for the the helpful video though, it was really thoroughly.
Every Canadian should know about your site I just found it and I am excited to see more
Yes, buying US securities through Wealthsimple Trade is very expensive. You technically don't pay a transaction fee, but the exchange rate you're given equals a transaction cost of almost 2%. I just bought a few shares of a US company for $1,135 and essentially lost $20 due to the exchange rate. The simple non-intimidating layout doesn't make up for this bad exchange rate imo.
this is exactly what happened to me too! have you found a solution? Is there a way for Canadians to use platforms like weBulll (which is not available in Canada sadly)?
Ed Walkcow yes, use Questrade. I’m using Questrade now. You can use “Norbert’s Gambit” to avoid the transaction fee. Keep in mind though that the CAD/USD exchange rate fluctuates
Good video - building a portfolio using ETFs is a good approach - you should be aware that the ETF charges a fee so you need to add the the brokerage fee and the ETF fee to get a more accurate value of the cost of buying ETFs. Just something to be aware of .
Thank you for this informative video. My main concern before choosing a broker is to find out what I want to invest in. Unfortunately, using those platforms, you need to know exactly which stock to buy. It would be useful to have a search engine by criterias to create a list of stocks, ETF, etc... from which we could choose our favorites. Do you know if such a tool exists somewhere on internet ? A suggestion for a beginner to start with ?
Thanks for the Canadian content. Been trying to increase my financial knowledge and have subscribed to the channel. I've been trying to make the decision on which broker to use, so this video was helpful.
Cheers Steve! :)
@Steve Brock, it depends on how much money your planning to invest, and how frequent are you going to trade,
@@rayallen953 I've got about 15K in my TFSA and about 25K in RRSP that I want to dollar cost average into ETF's. Debating about doing my own 3 ETF portfolio or going with VGRO to start. I'm hoping to save $200/week into my TFSA and then invest it once a month.
@@rayallen953 Yeah I'm going to take it slow. Start with buying some core ETF's and then invest with what I save per month for now. That way I'll be comfortable with the process, and when there is a sale I will be able to take some of my savings and buy some extra. Thanks for the advice, I'm hear to learn.
I changed from Scotia Itrade to National Bank Direct Brokerage because itrade was charging me 7 times more for an option trade and almost one percent more for margin interest rate.
I am completely happy at NBTD.
No commission trades, cheaper margin interest, and lower options fees.
Best customer service as well
Really good knowledge you give us for a beginners or just planning to invest even a few cad dollars.thank you so much,,
So questrade is only good for quick trades, not long term dividends investments?
As a newcomer to Canada, you really helped me learn a lot. Thanks Brandon Beavis.
bro td bank di fees kini aa mnu smj ni lgi
Thank you so much for the video. i was struggling to decide...
Great stuff. Wealth simple trade does charge a commission if you buy American stocks like on the Dow Jones or on the NASDAQ just wanted to let you know that .I am with Scotia iTRADE but I am in the process of switching everything over to wealth simple trade..I also just got both my daughters set up on wealth simple trade.
Thanks so much for a great video. It would be great if you had time to do a video to compare some of the other fees. ie fees for transfering account, rrsp withdrawals (for home buyer plan), withdrawal fees for tfsa.
I use RBC Direct Investing and it has no minimum account balance or trading activity required. The only issue is the 9.95 trade fees. so if you buy long term it might be good for you.
Yes RBC is a waste of time unless your buying 1000 shares or more or as you said only doing long term investing. Scotia I Trade offers $5 commissions for those that do 150 trades in 3 months. Those that buy 500 shares or more each time, this is a good commission.
Hi Brandon. Nice video. How about Interactive brokers? Compare it with questrade and wealthsimple, please.
Hey, what about Q trade? I opened a wealth simple account...and will probably close it. The features for analysis and comparisons and screeners in Q trade are worth it. It gets consistently high ratings from reviewers.
Thanks, Brandon...I ran into your YT account just recently (with your Dad)...warms my heart...I really enjoy...I too use QT...who do you use for your watchlist and research, please...JG
Great update.
I'm considering the merit of starting a fund in each of the 2 online brokers to observe which approach works better over time? E.G. 5K in Questrade self directed TFSA and 5K in Wealthsimple Roboadvisor TFSA.
What do you think about this approach?
Thanks E. I think that’s a totally doable idea if you’re looking to experiment with which style you prefer! Ultimately I’d like to have my assets consolidated but that’s just me :)
I will use IB simply because I invest in US stocks and their exchange rate is the best, not to mention the low commission rates.
God bless your heart of sharing your wisdom. I can understand you rather to any one else. You're the best.
Good video Brandon, thank you! This is my first time watching you - under advice from a longtime friend. I'm a Non-Resident Canadian and for the last 7 year have invested through the TD Bank. I'm a resident of Thailand. Just this month the TD bank has advised me that I should liquidate/transfer out all of my investments with them otherwise they'll get frozen. Something about policy change.... Have you ever considered doing a video directed at Non-Resident Canadians? I'm sure there are probably more than a few investors in the same boat as me.
Is it better to transfer for rrsp from a brokage company or the bank ?
what do you think about interactive brokers in comparison to questtrade?
what are the fees for buy and sell a stock with questrade ? with wealth is 1.4% to buy and 1.3% to sell ( about 4%)
Hey 👋 happy newyear
I just opened a TFSA with iTrade scotia. I'm now looking into Quest Trade, but you can't do both right? OR is QuestTrade different from a TFSA? Can you decided to switch later on once you have more knowledge?
Also Wealth Simple Trade makes their money on a 1.5% round up on buying U.S stocks and another 1.5% round up when selling.
So try only using Canadian stocks
FYI for Questrade , when you send them an email question , they respond days later with a response to call them instead ( this is for security ) Otherwise , the trading .. buy/sell component is pretty straightforward. They also have a webinar to assist in learning to navigate the site
Thanks for this video, as a beginner I have to wrap my head around quite a lot of issues with investing, but I will use the info in this video in selecting a platform. Thanks a lot
Hello Brandon. Can I get your opinion on Moka which was formerly known as mylo. Thanks
Thank you so much for this video Brandon. It's helping me a lot to make sense of how to invest in Canada.
Can someone please tell me which free trading accounts that you can buy the Crypto’s & Canadian stocks from here in America. I’ve made dozens of calls to no avail. Thank you Tom
Thanks for the video!For someone who has recently created a portfolio for TFSA & RRSP with a bank and wants to change to WealthSimple or Questrade, is that possible?Would your RRSP or TFSA be affected?Thanks!
Have you done this? Looking to transfer my TFSA and RRSP with a bank to wealthsimple
Hey Brandon, Quick one, if you chose the self-directed investing option on Questrade, are the capital gains going to be taxed? How do we mitigate that? Thanks for your help
I’m not Brandon but maybe I can answer. You’ll be taxed on 50% of your capital gains in Canada. You can open a TFSA account to avoid paying taxes on cap gains (there’s a limit to how much you can put in your TFSA yearly).
Is think or swim basically advanced dashboard?
I'm starting to invest soon and this really helps! thanks so much!
Same
U come from Tik tok? Fyp keeps blowing up stocks and to invest in them for me...
Thank you Brandon for this comprehensive review of the Canadian investing platforms
Thanks for explaining your preferred platform for investing. Do you export your trades to an accounting program?
I'm just looking to switch from CIBC IE (several reasons) but before I invest my time setting up and learning to use a new platform, one of the key features missing from IE is a way to export my transactions to my accounting program. I understand there's no set format (yet) for stock trades (bank transactions have ofx standard among other common formats). Even a csv file would do - I can train gnucash to recognize the file contents. Sadly IE only offers Excel which is not a secure format, i'd have to open in another program to convert to csv and that's too much time and effort.
I'd like to know if you've found a method to integrate your financial activities.
Hey EF, I was thinking about CIBC because Questrade has, although #1 In the top 5 online brokerages, has awful customer-trader reviews. Bank fees are so high, but I need a secure platform that has some transparency.
This researching is like the rabbit hole 🐰 I want to trade in US markets, keep my fees low. Have you found platform that benefits you yet? 😊
@@redbrown134 I've been using CIBC for the past 2 years, but after the underwhelming experiences I've had with their dinosaur of a trading system, I decided to consider reviews of other online brokers.
I've been trying out Questrade for the last couple weeks. I have to say I'm impressed, especially with their customer service. From setting up an account to creating watch lists to transferring funds and trading, they have a faster, more intuitive and better-featured platform backed up by professional well-trained agents. I can export as csv from their desktop version (and import into gnucash after modifying the date format), but I've done everything else on their web platform. I can see the files I've uploaded to open the account (they're very strict with documentation) and their fees are clear and lower than CIBC. They give 10 free trades and up to $150 fee reimbursement to transfer stocks from other brokers (the PROMO10 refund is issued within a couple days of a transaction). I've had 4 flawless interactions with their customer service via chat and phone: they stay until the backlog is cleared from closing ... hours sometimes (best time to catch them is just before the trade floor opens).
I can see why they're consistently ranked #1. Compared to the underwhelming experiences I've had with CIBC over the last 2 years (multiple errors by their undertrained customer service on a system that is going down and taking a week or more response times now, watch lists limited to 10 stocks and an antiquated website/app design), I expect I'll be migrating after I've used this for a couple months.
(I also tried WealthSimple Trade, which is, well, simple, but doesn't have the features I need like integrated research tools and customizable portfolio tracker widgets. Trades are free, but, as they say, you get what you pay for. They do have awesome customer service though.)
If you'd like to try Questrade, use my referral key (826004640437464) for a $25 cash bonus.
What about Interactive Brokers. I have used QuestTrade, WealthBar, Wealthsimple and WealthsimpleTrade and my unquestionable preference is Interactive Brokers.
Matthew Silver why do you prefer Interactive compared to the others?
Matthew Hoffarth it is cheaper, especially for trading options. It also is more secure ie it has stronger protection. It has better tools to analyze and implement strategies.
I would use them but they require a minimum of 50k USD earned per year. I make 40ish :(
Hey new to investing. Is it true that wealthsimple only supports stocks and ETF's and not other assets like mutual funds, preferred shares or Canadian securities?
which best account for long term in banks ? is free tax savings is good?
I have RBC Direct investing and it is really expensive. I started using wealthsimple invest and trade last year but most of my funds are still in RBC. Pros of wealthsimple trade is for a beginner like me, you can buy 1 stock without fees. Hope to transfer my RBC account in the near future 😂
Which broker do you recommend if I want to invest in a few foreign companies outside of the US and Canada?
This was extremely helpful Brandon, thank you so much!! I will most likely be going with wealthsimple standard or the trade version, as I am very new and have little to no capital to start with. Thanks again!
Watch for the 1.5% exchange rate fee they charge when you buy and when you sell. Unless you make a profit of 3%, you will actually be losing! I got caught in this and lost 2k.
Wealthsimple Trade doesnt allow for day trading....
Hi Brandon.I"d like to choose broker for buying some stocks and hold them for years,so inactivity fees for me are important.As I understood questrade allows avoid inactivity fees if my balance is more than 1000 $ or I need to have ready bought stocks for 1000$ to avoid inactivity fees.That is not really understanding for me.Thanks.
Hi brandon if I use wealth simple, how do I know if i should use personal, tfsa of the rrsp? I dont have TFSA or RRSP currently with my bank . I plan to download WealthSimple Trade and buy crypto and some stocks. When funding my account is it best to put on personal ? or i can just put fund on the TFSA or RRSP on that mobile trading app?
Thanks so much dude, your channel is like a gold mine, just absorbing as much info as I can at this point. God bless.
Hey Brandon. I'm completely new at this and so glad to have found you. Love your videos. My question is can you change trading companies later on if you become more savvy at this. Ie. From wealthsimple to wealthsimple trade? And if so, what are the penalties?
Brandon what was the free online portfolio tracking site you recommended?
Hey Brandon. What do you use to keep track of several stocks all at once to compare seeing that you mentioned you don’t use quest trade to do so. Thanks
I am a international student. I am interested in stock market and can I do stock trading or not? And what are the steps to start stock trading?
hey, I'm new to this so it may sound stupid but my question is, Wealthsimple charges you 0.5% of what?
1.5 conversion fee from US to CAD when you buy and sell
Personally been using CIBC, I think they do fees best with their rate of $6.95 for any amount of shares. Platform itself could be better in terms of UI and experience. If I'm buying a very cheap stock I'd always end up paying more with Questrade as you'd have hundreds or thousands of shares. I suppose it depends on your trades.
26:13 "If I did miss anything that I forgot to mention..." j
... 7:05 "I can always rely on some other source for my source of research"
So..... what sources and resources do you use for your analytics?
Thank you so much for all the free knowledge you post on your channel. As a new investor who wishes they started earlier and who wishes they TAUGHT US THIS IN SCHOOL! I am learning a lot. Cheers.
Wealthsimple trade suck if you are day trading, the stock price is delayed and you might end up buying at a higher price when the actual stock price is low because the app hasn't refreshed the stock price, so that is why never market buy with Wealth Simple Trade, do limit buy. I use questrade to buy US stocks and the price is delayed but there is a button that refreshes the price.
Hey man I just wanted to say thank you. I’m a young investor (19) and have found your vids really helpful and help everything make sense. Was wondering if you had any advice for a young dude. Thanks again
What are your thoughts on Interactive Broker?
Can I open both accounts with wealthsimple trade and td webbroker at the same time ?
Thank god for this guy! 😅😅😅 I knew nothing about investing before coming to this channel
With the wealthsimple 0.5%/year fee what is the 0.5% of? Is it 0.5% of growth or of your account balance?
TD e-series funds are free to buy and sell, btw... and they are good
Happy new year 🎆
Thank you for your channel! I finally found one that is Canadian focused!
Brandon Beavis Investing. You mention using 'Questrade' if you're able to understand "how to." Do you have any resources that you would suggest to 'us' the viewers to self-educate in combination with your material? THANK-YOU, from Saskatchewan, Canada.
what is the cost of platforms to use in different brokerages
Which website or app takes the least time to deposit your money I hate waiting 5 business days just to invest when sometimes I lose money not investing at a low
there are some brokers that dose not take more than few minutes to deposit
I would like to know how to open a demat account and I have already a savings account (checking a/c). Please advise. Thanks for the wonderful informative video 🙏
I am trading in Canada and using wst app which is zero charges for stocks but exchange rates are too high if I buy stocks in USD. any suggestions I would like to switch to a better one because some key ETF are also not available in wst. my final question is which brokerage would you consider as best?..
same! i literally lost money because of the exchange rate
Not sure why Robin Hood isn’t available in Canada but it’s available in Europe ... Canada is so behind on everything.
Hey Brandon question. I got a TFSA Account with CIBC. Opening another TFSA on Questrade, do you think that's a good option or I should void the one I have with CIBC and start with Questrade?
I believe you can have as many TFSA accounts as you would like. However, keep in mind the total amount of contribution into TFSAs cannot surpass your available TFSA contribution for the year. You should also keep in mind to ensure activity on both accounts to avoid maintenance fees if such fees exist.
@Anthony that is important info to have, thanks.
Thanks for the video. I have trade account with TD. I think one good thing is that set min $100 auto deposit each month to TD trade account. It waived the quarter fee. It is easier help me to save a little money each month and currently only have little money to invest.