TD Waterhouse , Questrade , Interactive Brokers , i would recommend Questrade for everything one , don't waste your time with wealthsimple , if you want to buy US stocks just use norbert gambit strategy in Questrade and save money , even if you only buy Canadian stocks , poor wealthsimple customer service not worth the risk and headaches
@@TheStwet Questrade is great. I'm using that. I currently have Apple, AMD and Tesla shares on that platform. They do charge $4.99 commission fee. TD is the worst they charge $9.99.
I pretty much keep my investments in Canada and don't shuffle investments much so the US funds conversion isn't a big deal for me. My only complaint with WS is that you can't set your dividends on a DRIP. Would make life easier for people like me to just have dividends reinvested into the same company for more shares.
Russell, you just saved me some CAD. Thanks. I'd stick with the $7 commission fees (after 150 trades) at TD. I'm Canadian, but I prefer trading in USD; that is, in a USD TFSA.
Can’t you just add a US dollar account to you WS account? Every major Canadian bank offers them now. Then all transactions for US stocks would be in US dollars. Please correct me if I’m wrong. Great video none the less.
I use Wealthsimple Trade. I have only been buying Canadian stocks, and no ETFs. Honestly I'm super happy with it. I have paid $0 in fees, and made good returns on my Canadian stocks. Having no commissions means that I can just buy one or two stocks at a time, and take advantage of individual dips. This actually lets me lower my average price of each position when it's possible, and occasionally sell off some when they are high. I don't plan to buy US stocks or ETFs any time soon. If I ever do, I might use Questrade, but for now I'm very happy with WST and Canadian stocks! 🇨🇦
@@bilko_4732 the monthly management fee is only for Wealthsimple Invest (their roboadvisor service). With wealthsimple trade, there's no management fee!:)
wouldnt you prefer Tangerine global ETF over whatever wealth simple offers? like canadians investing in canadian stocks only...... i mean in the end the fees they both charge is almost similar....but is tangerine better choice?
Hi thanks for the video. I originally wanted to use questrade did my research etc in 2020 but i waited for over a month for my account to go through and it didnt lead anywhere i dont know if i was on a waiting list or what but yeah customer service was almost non-existent. So i ended up with wealth. And i am very happy with it.
Hey man liked the video...keep up the good work. is there anything people should know about exodus? I'm currently using it but am unaware if they charge fees?
You can literally go an entire TFSA investing lifetime on Wealthsimple, buy CAD stocks and ETFs and PAY NOTHING in fees!!! Let me repeat this: You can literally go an entire TFSA investing lifetime on Wealthsimple, buy CAD stocks and ETFs and PAY NOTHING in fees!!!
Just found your channel and I have to congratulate you on the great content! (subscribed) I use multiple brokerages for that exact reason, plus it's also useful in case any of the brokerages ever have a malfunction (like Robinhood had a few months ago). By the way, you should really consider organizing your bookshelf lol.
@@jaxanderson6617 Norbert's* Gambit is, simply put, buying a stock that is traded in CAD as well as USD on the same exchange. You buy the CAD version, ask the brokerage to "Journal Over" the shares to the US counterpart and that allows you to sell the shares for USD instead of CAD and avoid conversion fees (~2%). I use DLR.TO/DLR.U.TO
Although Questrade doesn't charge conversion fees every time you trade a stock, they do charge a commission fee that is quite high. For example, I just bought some US stocks for US$137 on Questrade and it charged me a commission fee of $4.95, which is 3.6%, definitely higher than the 1.5% for wealth simple. If Questrade will charge me this commission fee every time that I buy and sell my US stocks, then it will be way more expensive compared to the commission-free from Wealthsimple
Im confused, what happens if u r buying Crypto with Wealthsimple, isnt it 1.5 to 2 % of the amount, so example if u buy 10,000 the would could be 200.00? I rather buy stock with TD and just pay my 9.99, instead of paying 200 dollars...or am i missing something here
*I DON'T KNOW WHO NEEDS TO THIS, YOU'VE GOT TO STOP SAVING MONEY TO BUY LUXURIOUS AND EXOTIC CARS, INVEST YOUR MONEY WISELY TO GET RICHER, BUY CRYPTOCURRENCIES, STOCKS AND SO MANY OTHERS IF YOU REALLY WANT FINANCIAL SUCCESS.*
Thank you for your help Russel I really appreciate this! As a young individual getting started in Stocks, ETF's, NTF's etc this asserted other questions I had, and took away some of the nerves I had about it. I'll be back for more you got a sub from me! Stay safe and blessed brotha, keep ya head up and have a great day!😁🤞🏻👍🏻
Hey Russell, I used your referral link to create an account with Wealthsimple, but my experience with it has been disappointing so far. I opted for the ETF transfer method to move my funds, but Wealthsimple has informed me that the transfer will take around 3-5 business days to be processed.
You can always buy US or international stocks for no fee via Welathsimple as long as you buy them via a Canadian-listed ETF. XUS.TO, VUN.TO, XQQ.TO, VDU.TO just to name a few.
@@nimaakhtarkhavari8766 they charge you 2% (processing fee) every time you buy and charge you again if you sell it! And buying America stocks is a big no too. They will charge you 1.5% for the exchange rate when you buy it plus 1.5% again if sell, thats 3% all together,
Yeah, so what? The conversion rate is still much better for buy and hold folks… you want to buy and sell more frequently then WS might not be for you… WS is still better than other brokerage out there in Canada…
Thanks for the video. I’m currently using RBC Direct Investing. Even though they charge a fee, it makes me more careful to consider my stock purchases more seriously, by not over-investing.
This video is no longer accurate. They've added a USD and CDN halves to your profile so you only pay the exchange on the conversion whenever you need to convert. So if you convert CDN to USD, buy stocks in USD, sell those stocks but leave them in USD, you don't pay the fee's again. You're free to reinvest that USD "balance" at no cost. It's only when you're ready to cash it out and transfer it back into CDN that you'd pay the fee. It's cut the overall cost WAY down.
Very good video. Clear and to the point. Wealthsimple needs to stop exchanging currencies. They must be the only broker left to correct this issue within registered accounts. Imagine if you choose one of their managed packages. They rebalance it for you for a management fee and charge the currency exchange to reduce each US position and the currency exchange to increase each position unnecessarily!!! Switching from one risk level to another = rebalancing = another opportunity for them to swap currencies!!! 1.5% or 2.0% is already extremely high for what they actually do. Once is bad enough!
Ive heard that its extremely close, almost negligable between questrade and wealthsimple when you compare and add up everything from fees, commissions, premium accounts etc.
For buying and holding ETFs, would i be okay with WealthSimple - i.e instead of QQQ and IVV, is the difference gonna be negligible if i buy CAD equivalence? Considering foreign withholding tax as well. Thank you!
Idk what happened but it shows that My money went up by 85% when the stock only went up by 2% in the past week. Total money i had were 120$ but now im at 190$. Why did that happen? Am i gltiched or sum? Btw i only have one stock
Hi, I'm still unsure if I'm looking for short term investments with round up if this is the way to go? basically withdrawing once a year for a trip or a necessary payment...
I don’t comment on videos often, but I do like to give credit where credit is due. Thanks for this video, very clear, easy to digest, and you were able to answer my questions in a clear and concise way! Very well done.
hello I started on Wealthsimple I created my account then 2 days later I try to connect to the application it does not work so when I go to their website it says that my ip address is prohibited. is there a solution?. I contacted support and I am still waiting for the answer: will my IP address be unlocked ??
This is actually a huge cost for Canadian who invest in the US market. I work with banks/brokerages that allow Norbert's Gambit (works very well for larger amounts). I hold a lot of US currency and buy/sell depending on FX rates. Then I can also convert USD back to CAD FX commission-free if I need to withdraw funds temporarily or permanently.
Why not open a USD account in your bank? You can change CAD to USD with no fees, and then transfer directly USD to your broker (Questrade in my case). That way you just pay 75 cents for transaction.
@@nimaakhtarkhavari8766 The issue is I trade currencies, and stocks in different currencies. My USD amounts constantly flux. I already have a USD account at the brokerage. Norbert's gambit costs about $7 per trade ($14 in total), so not 75 cents but it allows me to freely trade currencies at the pure market rate with no baked-in fees. To be clear though, are you saying that I can just transfer CAD out, deposit in an USD bank account, and then exchange there with no commissions at all and transfer USD back to my brokerage? I would get the straight market rate without commission? I have not used/needed USD bank accounts but may need one soon for other purposes. I may be behind the times on them.
@@elenabowes3176 What l'm saying is that in your Bank account here in Canada you can open an account in USD, let's say you have an account on CIBC which is of course in CAD, then you open another account in CIBC but this time in USD. So you can take your CAD and exchange it yourself to USD. Once you do that, then you transfer USD directly to your broker without paying the exchange fee. You only pay 75 cents for each transaction. You're not taking your money to any bank in the States.
@@nimaakhtarkhavari8766 The exchange rate you are paying at the bank is higher than the market rate usually by 1.5 to 2.0%. That is the fee that they charge for currency conversion. Nothing is free at the bank. That is why Norbert's Gambit is so popular for amounts over $1500 depending on your brokerage.
Do u still get the currency conversion minus the conversion fee? Like American dollar worth more so u would get more Canadian dollars, or does that fee cancel out that amount
Am I getting this right? If we buy US stocks that pay dividends with wealthsimple trade, well, 1.5% of the dividends go to the company at every distribution date. So if the US dividend is paid monthly, that would be 1.5% * 12 = 18% of the US dividend going to the company every year. WOW!
Great vid! I’m dabbling in wealth simple and was unaware of this. Thanks for the content. I’m going to move my daughters money out of the bank high interest saving account (what a joke) and into the market and this analysis was totally useful to me. Much appreciated
Can someone explain what the 1.5% would be charged against if you were selling the usd stock on wealthsimple ? For example, if you had put in $1000 CAD in a US stock , you would be charged the 1.5%, but when you went to sell and convert it back to CAD, would it be 1.5% on the value at that time (ideally over the initial $1000)? And would this be 1.5% on the USD value or CAD?
My savings are sleeping in a savings account with almost nothing of interest. That is in TD bank. I would like my money to grow but be able to withdraw it whenever I want. What would you recommend?
Invest into an index fund. The vanguard S&P 500 has an average return of 10+% a year. Its basically a way better savings account that you can sell and withdraw anytime. (Unless of course the stock market totally plumets, where then you will just have to wait until it inevitably goes up again.) Do some research into index funds you will see lots of gain I promise.
Thank you..can you suggest where I can get help with financial advice....that is not a bank...are there Blue Chip Canadian Stocks that can be bought directly from the company.....have not been helped by banks...simple request get made very complex...with hidden fees and hidden locked in contracts.
What are the differences between Wealthsimple and Questtrade? Wealthsimple is a little better on the user ratings. Is there any reason why Questtrade app ratings are sub par?
Does Questrade allow purchases of individual stocks in Canada too? I thought they only provided commission free traded on ETFs. For that reason I went with Wealthsimple Trade. I have 3 USD stocks in my TFSA direct investing account at RBC that I am holding long term.
Hello I hope someone can answer my questions. I have noticed that when I buy something with Wealthsimple increases the price on the stock or the crypto currency and went I sell it it takes the price lower by 2 cents at least. and then on the total of buying or selling charge a amount of money. How this exactly works? I think they should just charge the 1.5 of the total that you are selling not bringing down the price and then charge it. I’m sorry I’m very new trading and this is a little confusing for me I hope someone can explain this to me thank you in advance.
This info is now out of date. I am with Wealth Simple Trade and they added a feature for $11.50 a month I can hold USD funds within any of my accounts. The conversion rate still applies to exchange from CDN to USD and vice versa but now my earning from US based investments will remain in USD until I want to exchange. I don't mind paying the monthly fee, small price to pay for what I am saving.
So if I buy a Canadian stock then this fee won’t get that 1.5 percent so I don’t now a few Canadian top stocks if you can give me 20 good stock for Canadian stock
![COLOMBIA vs. CHILE [4-0] | RESUMEN | ELIMINATORIAS SUDAMERICANAS | FECHA 10](http://i.ytimg.com/vi/TDjN4W3yy1k/mqdefault.jpg)
What brokerage do you use? Have you started investing with Wealthsimple Trade?
TD Waterhouse , Questrade , Interactive Brokers , i would recommend Questrade for everything one , don't waste your time with wealthsimple , if you want to buy US stocks just use norbert gambit strategy in Questrade and save money , even if you only buy Canadian stocks , poor wealthsimple customer service not worth the risk and headaches
Questrade
I recently joined wealthsimple but it looks like there are bad reviews for it... I might try looking at Questrade.
@@TheStwet best idea , also keep in mind Questrade also doesnt charge commission for buying ETF's like wealthsimple
@@TheStwet Questrade is great. I'm using that. I currently have Apple, AMD and Tesla shares on that platform. They do charge $4.99 commission fee. TD is the worst they charge $9.99.
If something is free, YOU are the product.
yepp.. nothing is free ..
It is user friendly tough.
Canadian Robin Hood
Wealthsimple has overall less user fees than the competition. Every brokerage has your data. If you're trading on the tsx, Wealthsimple is just better
PREACH!
I pretty much keep my investments in Canada and don't shuffle investments much so the US funds conversion isn't a big deal for me. My only complaint with WS is that you can't set your dividends on a DRIP. Would make life easier for people like me to just have dividends reinvested into the same company for more shares.
They do now 🎉
I just found out WS started DRIP. I am so happy 🤩👍
I don’t do US stocks yet so I will stay with WS for now
Russell, you just saved me some CAD. Thanks. I'd stick with the $7 commission fees (after 150 trades) at TD. I'm Canadian, but I prefer trading in USD; that is, in a USD TFSA.
National Bank has USD TFSA and the commissions are $0
So weird I just saw Wealthsimple ad before this video 😂
I did as well lol
I’m probably going to sign up to the Wealthsimple, but I want to do the all in one XBAL do you think that will be good?
Can’t you just add a US dollar account to you WS account? Every major Canadian bank offers them now. Then all transactions for US stocks would be in US dollars. Please correct me if I’m wrong. Great video none the less.
I use Wealthsimple Trade. I have only been buying Canadian stocks, and no ETFs. Honestly I'm super happy with it. I have paid $0 in fees, and made good returns on my Canadian stocks. Having no commissions means that I can just buy one or two stocks at a time, and take advantage of individual dips. This actually lets me lower my average price of each position when it's possible, and occasionally sell off some when they are high. I don't plan to buy US stocks or ETFs any time soon. If I ever do, I might use Questrade, but for now I'm very happy with WST and Canadian stocks! 🇨🇦
Any hints on good stocks...
Love to hear it!!! Wealthsimple sounds like a great fit for you!
@@russellmatthews I use it... holding onto hope for BB ...
@@bilko_4732 the monthly management fee is only for Wealthsimple Invest (their roboadvisor service). With wealthsimple trade, there's no management fee!:)
wouldnt you prefer Tangerine global ETF over whatever wealth simple offers? like canadians investing in canadian stocks only...... i mean in the end the fees they both charge is almost similar....but is tangerine better choice?
Hi thanks for the video. I originally wanted to use questrade did my research etc in 2020 but i waited for over a month for my account to go through and it didnt lead anywhere i dont know if i was on a waiting list or what but yeah customer service was almost non-existent. So i ended up with wealth. And i am very happy with it.
Hey man liked the video...keep up the good work. is there anything people should know about exodus? I'm currently using it but am unaware if they charge fees?
What are your thoughts on MetaTrader and Binance? I've been told to use these platforms to start
You can literally go an entire TFSA investing lifetime on Wealthsimple, buy CAD stocks and ETFs and PAY NOTHING in fees!!!
Let me repeat this:
You can literally go an entire TFSA investing lifetime on Wealthsimple, buy CAD stocks and ETFs and PAY NOTHING in fees!!!
Right
I don't understand what you are saying how can you invest for free ?
Questrade offers that too
@@duonggia777 Seeking for her contact details 👇👇👇👇
@@duonggia777 Not on stocks.
THANK YOU SO MUCH FOR TAKING THE TIME TO MAKE THIS VIDEO!!!!!
Hello Mr.Russel, i want to try wealthsimple trade but im just wondering if it is safe to provide my SIN Is it safe and protected if iwll give my SIN?
Just found your channel and I have to congratulate you on the great content! (subscribed)
I use multiple brokerages for that exact reason, plus it's also useful in case any of the brokerages ever have a malfunction (like Robinhood had a few months ago). By the way, you should really consider organizing your bookshelf lol.
Wow this is a huge factor and very good to know. Thanks for the warning!
Do you think Canada will go commission free trading across all trading platforms?
I’m a beginner!! Just turned 18, and this information is pretty helpful👌
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
What do you think now of the plus plan with WealthSimple
Thank you for the great info. More power. 👍👍👍
I use wealthsimple for CAN stocks. Questrade for US (I utilize norbits gambit to get around the conversion fee)
What’s the norbits gambit?
@@jaxanderson6617 Norbert's* Gambit is, simply put, buying a stock that is traded in CAD as well as USD on the same exchange. You buy the CAD version, ask the brokerage to "Journal Over" the shares to the US counterpart and that allows you to sell the shares for USD instead of CAD and avoid conversion fees (~2%). I use DLR.TO/DLR.U.TO
Although Questrade doesn't charge conversion fees every time you trade a stock, they do charge a commission fee that is quite high. For example, I just bought some US stocks for US$137 on Questrade and it charged me a commission fee of $4.95, which is 3.6%, definitely higher than the 1.5% for wealth simple. If Questrade will charge me this commission fee every time that I buy and sell my US stocks, then it will be way more expensive compared to the commission-free from Wealthsimple
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
Hey bro , do you think wealthsimple would add options trading with small fee it would be game changing for them?
Hey I'm one question if UBI Go through Do the seniors get it 2 Could you let me know thank you have a good day
Im confused, what happens if u r buying Crypto with Wealthsimple, isnt it 1.5 to 2 % of the amount, so example if u buy 10,000 the would could be 200.00? I rather buy stock with TD and just pay my 9.99, instead of paying 200 dollars...or am i missing something here
Very well explained! Thank you.
If I buy Vanguard off the TSX (vfv), do I have to pay a conversion fee
No, VFV is in CAD.
Epic info thanks Russ!
The tlrd is use wealth simple for EFTs & Canadian stocks. As soon as you get into American or foreign stocks use Quest trade instead.
I’m using WealthSimple Trade and CIBC Pro-Investor.
Their Crypto ad was cringe and made me rethink using their platform
*I DON'T KNOW WHO NEEDS TO THIS, YOU'VE GOT TO STOP SAVING MONEY TO BUY LUXURIOUS AND EXOTIC CARS, INVEST YOUR MONEY WISELY TO GET RICHER, BUY CRYPTOCURRENCIES, STOCKS AND SO MANY OTHERS IF YOU REALLY WANT FINANCIAL SUCCESS.*
You're right ma,
that's why I have to start forex trading 2months ago, now am making constant profit from it .
Natural, there’s a lot of math involved in forex trading,
but this is often presented in forms of daunting technical charts, indicators, patterns.
Trading systems allow you to limit the factor of emotional influence on decision-making,
What about the crypto , like litecoin now is going for 195 on Whealt simple but other platforme are 3$ more a coin ???
Thank you for your help Russel I really appreciate this! As a young individual getting started in Stocks, ETF's, NTF's etc this asserted other questions I had, and took away some of the nerves I had about it. I'll be back for more you got a sub from me! Stay safe and blessed brotha, keep ya head up and have a great day!😁🤞🏻👍🏻
thanks for the kind words, Manikz! best of luck as you get started in your investing journey! :)
Hey Russell, I used your referral link to create an account with Wealthsimple, but my experience with it has been disappointing so far. I opted for the ETF transfer method to move my funds, but Wealthsimple has informed me that the transfer will take around 3-5 business days to be processed.
Update. According to my bank, Wealthsimple has my money but they are holding onto it for 3-5 days.
I hate Wealthsimple.
DAMN Thank you sooo much Russell!! You’ve literallly answered alll my questions!! This video was great
I appreciate the info in this video . New user to wealthsimple,, and I appreciate the heads up. I've been recently watching your channel - good stuff
Thanks for watching, Rob! Glad it helped!:)
Thanks for the info on the USD conversion rates I already knew this but found out after I signed up…
Great info ... i used wealthsimple just to buy Canadian stocks ..
same here, A big no to buy crypto
You can always buy US or international stocks for no fee via Welathsimple as long as you buy them via a Canadian-listed ETF. XUS.TO, VUN.TO, XQQ.TO, VDU.TO just to name a few.
@@longhair7570 Why not?
@@nimaakhtarkhavari8766 they charge you 2% (processing fee) every time you buy and charge you again if you sell it! And buying America stocks is a big no too. They will charge you 1.5% for the exchange rate when you buy it plus 1.5% again if sell, thats 3% all together,
@@longhair7570 I know, but were else to get crypto? You can't get it on Questrade...
Paying 10$/m gets rid of that fee. I just got started and was even offered a one month free with cancel anytime. So it’s worth it?
Yeah, so what? The conversion rate is still much better for buy and hold folks… you want to buy and sell more frequently then WS might not be for you… WS is still better than other brokerage out there in Canada…
But ETFs listed in US dollars aren’t subject to this exchange fee right?
Thanks for the video. I’m currently using RBC Direct Investing. Even though they charge a fee, it makes me more careful to consider my stock purchases more seriously, by not over-investing.
I got an ad for wealthsimple on this vid. Funny!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
This video is no longer accurate. They've added a USD and CDN halves to your profile so you only pay the exchange on the conversion whenever you need to convert. So if you convert CDN to USD, buy stocks in USD, sell those stocks but leave them in USD, you don't pay the fee's again. You're free to reinvest that USD "balance" at no cost. It's only when you're ready to cash it out and transfer it back into CDN that you'd pay the fee. It's cut the overall cost WAY down.
If you own US dividend stocks do you pay 1.5 conversion and Canadian withholding tax of 1.5 as well??
Why can’t you open a USD account , that’s what I did at several other CDN platforms.
Thanks for sharing and explaining the good and bad of Wealthsimple.
Very good video. Clear and to the point. Wealthsimple needs to stop exchanging currencies. They must be the only broker left to correct this issue within registered accounts. Imagine if you choose one of their managed packages. They rebalance it for you for a management fee and charge the currency exchange to reduce each US position and the currency exchange to increase each position unnecessarily!!!
Switching from one risk level to another = rebalancing = another opportunity for them to swap currencies!!!
1.5% or 2.0% is already extremely high for what they actually do. Once is bad enough!
Ive heard that its extremely close, almost negligable between questrade and wealthsimple when you compare and add up everything from fees, commissions, premium accounts etc.
Do they charge the same commission for crypto are also? Or is there are any other fees included in crypto investing.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
Do you get charged 1.5% for purchasing s&p 500?
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
Thank you very much for clarification. You are great.
What camera(s) are you using? I love the quality of your video
I'm using the Sony Alpha a6400! :)
Norbert's Gambit if you want to avoid the 2% fee on Can to USD conversion. Pay 10-20 instead of 200 on a 10K conversion
Excellent video. This guy is smart AF
Thanks for that explanation. I'm a buy and hold, as you advise, but good to know. Subscribed!
Wow I was thinking about using WeathSimple to build up my American portfolio. Screw that noise after watching this!
For buying and holding ETFs, would i be okay with WealthSimple - i.e instead of QQQ and IVV, is the difference gonna be negligible if i buy CAD equivalence? Considering foreign withholding tax as well. Thank you!
Is that the same goes on crypto too?
Thanks you for this explanation sir.
Great content. Love it. Do u think Bitcoin will keep going up? And anything about Dogecoin. Thank you
Great info. Thank you
Idk what happened but it shows that My money went up by 85% when the stock only went up by 2% in the past week. Total money i had were 120$ but now im at 190$. Why did that happen? Am i gltiched or sum? Btw i only have one stock
This is great help thanks man!
Hi Russell tell us what stock to buy if that makes sense
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
Great video! Very informative and explained clearly!
Amazing explanation with the solution. Very helpful. Thanks👏👏👏
Hi, I'm still unsure if I'm looking for short term investments with round up if this is the way to go? basically withdrawing once a year for a trip or a necessary payment...
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
I don’t comment on videos often, but I do like to give credit where credit is due. Thanks for this video, very clear, easy to digest, and you were able to answer my questions in a clear and concise way! Very well done.
Thanks for your time in bringing education around this to everyone.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
No brokerage beats Interactive Brokers.
But for personal wealth, a real world financial advisor is the way to go.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
hello I started on Wealthsimple I created my account then 2 days later I try to connect to the application it does not work so when I go to their website it says that my ip address is prohibited. is there a solution?. I contacted support and I am still waiting for the answer: will my IP address be unlocked ??
Can you show us your investment portfolio
This is actually a huge cost for Canadian who invest in the US market. I work with banks/brokerages that allow Norbert's Gambit (works very well for larger amounts). I hold a lot of US currency and buy/sell depending on FX rates. Then I can also convert USD back to CAD FX commission-free if I need to withdraw funds temporarily or permanently.
Why not open a USD account in your bank? You can change CAD to USD with no fees, and then transfer directly USD to your broker (Questrade in my case). That way you just pay 75 cents for transaction.
@@nimaakhtarkhavari8766 The issue is I trade currencies, and stocks in different currencies. My USD amounts constantly flux. I already have a USD account at the brokerage. Norbert's gambit costs about $7 per trade ($14 in total), so not 75 cents but it allows me to freely trade currencies at the pure market rate with no baked-in fees. To be clear though, are you saying that I can just transfer CAD out, deposit in an USD bank account, and then exchange there with no commissions at all and transfer USD back to my brokerage? I would get the straight market rate without commission? I have not used/needed USD bank accounts but may need one soon for other purposes. I may be behind the times on them.
@@elenabowes3176 What l'm saying is that in your Bank account here in Canada you can open an account in USD, let's say you have an account on CIBC which is of course in CAD, then you open another account in CIBC but this time in USD. So you can take your CAD and exchange it yourself to USD. Once you do that, then you transfer USD directly to your broker without paying the exchange fee. You only pay 75 cents for each transaction. You're not taking your money to any bank in the States.
@@nimaakhtarkhavari8766 The exchange rate you are paying at the bank is higher than the market rate usually by 1.5 to 2.0%. That is the fee that they charge for currency conversion. Nothing is free at the bank. That is why Norbert's Gambit is so popular for amounts over $1500 depending on your brokerage.
Great info! Thanks!
Do u still get the currency conversion minus the conversion fee? Like American dollar worth more so u would get more Canadian dollars, or does that fee cancel out that amount
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
Am I getting this right? If we buy US stocks that pay dividends with wealthsimple trade, well, 1.5% of the dividends go to the company at every distribution date. So if the US dividend is paid monthly, that would be 1.5% * 12 = 18% of the US dividend going to the company every year. WOW!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
Great vid! I’m dabbling in wealth simple and was unaware of this. Thanks for the content. I’m going to move my daughters money out of the bank high interest saving account (what a joke) and into the market and this analysis was totally useful to me. Much appreciated
Can someone explain what the 1.5% would be charged against if you were selling the usd stock on wealthsimple ? For example, if you had put in $1000 CAD in a US stock , you would be charged the 1.5%, but when you went to sell and convert it back to CAD, would it be 1.5% on the value at that time (ideally over the initial $1000)? And would this be 1.5% on the USD value or CAD?
And banks/visa charge 2.5% (mostly) and up to 4% (CIBC) ... so 1.5% doesn't seem so bad ... ???
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
What happened to Facebook stock MVRS in Wealthsimple I can only sell my stock I can not buy any stock
what about buying crypto or memecoins
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
Great video thanks for your honest values and helpful advice
My savings are sleeping in a savings account with almost nothing of interest. That is in TD bank. I would like my money to grow but be able to withdraw it whenever I want. What would you recommend?
Invest into an index fund. The vanguard S&P 500 has an average return of 10+% a year. Its basically a way better savings account that you can sell and withdraw anytime. (Unless of course the stock market totally plumets, where then you will just have to wait until it inevitably goes up again.) Do some research into index funds you will see lots of gain I promise.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
With the Canadian dollar at 70 cents USD, you mean they only charge 1.5% to convert to USD???
Discipline is the name of the game , I noticed this percentage of fees, which prompted me to do a CAD / ETF only portfolio only on WS
I got cold feet when they asked for my Social Insurance number.
Thank you..can you suggest where I can get help with financial advice....that is not a bank...are there Blue Chip Canadian Stocks that can be bought directly from the company.....have not been helped by banks...simple request get made very complex...with hidden fees and hidden locked in contracts.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
thank yo very informative about wealth simple and qtrade
How can i buy IPO in canada for US stocks?
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
What are the differences between Wealthsimple and Questtrade? Wealthsimple is a little better on the user ratings. Is there any reason why Questtrade app ratings are sub par?
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
Honestly...this doesn't seem to be bad. When I buy stock I'm more into a long term investing. So by the time I sell it. I will already made profit.
Does Questrade allow purchases of individual stocks in Canada too? I thought they only provided commission free traded on ETFs. For that reason I went with Wealthsimple Trade. I have 3 USD stocks in my TFSA direct investing account at RBC that I am holding long term.
Hello I hope someone can answer my questions. I have noticed that when I buy something with Wealthsimple increases the price on the stock or the crypto currency and went I sell it it takes the price lower by 2 cents at least. and then on the total of buying or selling charge a amount of money. How this exactly works? I think they should just charge the 1.5 of the total that you are selling not bringing down the price and then charge it. I’m sorry I’m very new trading and this is a little confusing for me I hope someone can explain this to me thank you in advance.
This info is now out of date. I am with Wealth Simple Trade and they added a feature for $11.50 a month I can hold USD funds within any of my accounts. The conversion rate still applies to exchange from CDN to USD and vice versa but now my earning from US based investments will remain in USD until I want to exchange. I don't mind paying the monthly fee, small price to pay for what I am saving.
Correct! I've made an update video about this!
And by the way. THANK YOU FOR POSTING THIS!!!!!!!
So if I buy a Canadian stock then this fee won’t get that 1.5 percent so I don’t now a few Canadian top stocks if you can give me 20 good stock for Canadian stock
I'm curious about the taxes and such as thats coming. I have a couple hundred in wealthsimple.
That was so helpful! Thank you!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?