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 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 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
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?
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.
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.
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)
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 ?
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 ended up here as an investing beginner after watching numerous videos on RUclips 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
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
Nbdb (national bank direct brokerage) is the one I use. 10 free trades for people under 30 years old and then 4.95 a transaction after that. I don't have other accounts with them, they mentioned that I can switch to them to extend the rate structure past 30. The part that I dislike is that you have to use your web browser to access it and their user interface is horrible. Not much analytics. But in terms of fees it's definitely the best fit for 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 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 😂
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
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
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.
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
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 .
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.
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 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.
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.
Wealthsimple and wealthsimple trade will end up being more expensive if you usually trade US securities as they make money mainly from the 1.5% they make on currency conversion... Questrade, however, allows to have both USD and CAD accounts...
Those $9.95 commissions charged by the banks used to be $25 when I first started. Now, if you belong to a professional organization, your organization might negotiate a reduced commission. I'm paying $6.95 per trade because of the Professional Engineers separate advocacy organization, OSPE. I've gotten used to these commissions by regulating purchases at $3000 to $4000 each investment just to keep the total commissions down to less than 1%.
I’m a new investor as well I am using Lorna Rose Sabbia an Investment adviser who has been in charge of my $ 122k portfolio. I'm mostly focused on stocks & cryptocurrencies.
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.
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.
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
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.
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.
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!
most stocks you will buy are in US funds. SO in reality the most expensive company you have listed to use is Wealth Simple as they will only let you hold Canadian funds and they will charge you 1.5% currency conversion on every trade in and out. Plus they are painfully limited like no trailing stop loss etc.
Recently I got into the youtube financial niche, and I’ve taken a deep dive into investing, particularly dividend growth investment as it interests me. Tried several methods trying to figure out the best approach to building my portfolio. So far, I’m making progress with the help of my financial advisor. Back to the video, wonderful job there, always look forward to your next content.
It’s almost the same situation here. The difference is that I got off early enough to know that financial planning would help me go a long way. I’m in my 60’s and reaping off my hardwork.
Hey Brandon, really liking the content. It's nice to see a fellow Canadian, especially a millennial, providing investing info. I'm still in the research and learn phase but getting pretty close to starting to invest. Keep up the great work!
The issue with WealthSimple Trade is that you can't hold USD in your account, so everytime you buy/sell you have to pay the conversion fee. With Questrade, you can hold your funds in USD. So if you buy US stocks, you can save money on conversion fees (which could be higher than the transaction fees Questrade charges).
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.
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.
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 ?
CIBC is the best compared to all as they charge 6.95 flat and no maintenance costs for TFSA. You can easily transfer funds in seconds. Wealthsimple is also a great platform with no commission for only Canadian stocks, they do charge 1.5% fee for buying U.S. stocks. They also take 3-5 business days to load funds which forces you to not participate in quick market downturns.
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
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.
Any thoughts about RBC Investease? RBC Investease (if you want a simple all in one ETF and want to go with a Big Bank) has an annual fee of 0.5% (plus cost of ETF for a total of ~ 0.61%- 0.72%). That seems to be the current lowest cost 'set-it and forget it' options with traditional venues in Canada (and comparable costs to WealthSimple). With Questrade (a simple all in one ETF- like VGRO- costs about 0.25%). So obviously Questrade is cheaper but requires just a little more work. Still ... for a Big Bank (and only $150 to get started) it's not a bad option for those who don't want to dig a little deeper.
questrade now has no fx fees for registered accounts (i.e. if u have 500cad and buy 200$ US worth of stocks, their system over night will take the CAD required, convert your -200$ US balance to 0 by using ur CAD balance. All this without any fees on top of the current exchange rate. The FX conversion is a 0.0199 fee they usually take on margin accounts or non-registered ones.)
UPDATE: They already have the beta of wealthsimple trade desktop version. got a chance to try it out...some links on there are still in working progress though like withdrawing funds and adding funds they still prompt me to login to the mobile app version to complete these actions.
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?
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, I am happy I found your video. For someone like me with zero information about stock investment your video is very helpful. Liked and Subscribed. Now I am really curious to find out how much RBC is charging me in commission since I have given them full authority to invest my money. Once again thank you very much for your helpful video.
Awesome job Brandon...Very helpful presentation and delivery. You would know already but as of today (2/28/21) WealthSimple Trade also has a desktop version. I guess that brings it up a bit higher in the list :)
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?
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?
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
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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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 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
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?
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
Amazing content finally found a Canadian based creator giving advice for Canadians new subscriber here..
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 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 🎈🎊
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.
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 ?
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)
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 ?
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
Not sure why Robin Hood isn’t available in Canada but it’s available in Europe ... Canada is so behind on everything.
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.
I ended up here as an investing beginner after watching numerous videos on RUclips 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.
Really good knowledge you give us for a beginners or just planning to invest even a few cad dollars.thank you so much,,
You are very well spoken for a young man.
Thanks for the balanced unbiased perspective, very practical advice.
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
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
Nbdb (national bank direct brokerage) is the one I use. 10 free trades for people under 30 years old and then 4.95 a transaction after that. I don't have other accounts with them, they mentioned that I can switch to them to extend the rate structure past 30. The part that I dislike is that you have to use your web browser to access it and their user interface is horrible. Not much analytics. But in terms of fees it's definitely the best fit for 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
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 😂
I’m from the island just getting started and your videos have helped so much!
i don't get how Robo-advisors are still around with Asset Allocation ETFs
TD e-series funds are free to buy and sell, btw... and they are good
Happy new year 🎆
It great to see with more online brokers,
the consumer condition gets better and better!
Thanks man, it was helpful
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
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
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.
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
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 so much for the video. i was struggling to decide...
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.
HI Brandon Can use Quest Trade to buy stockes in USA?? Like amazon , google, tesla,etc??
Yes you can!
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 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.
What are your thoughts on Interactive Broker?
Questrade has ended their quarterly inactivity fee.
I was a bit panicked when I first watched this, because I had already set up with Questrade.
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
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.
Thank you so much for this video Brandon. It's helping me a lot to make sense of how to invest in Canada.
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.
Wealthsimple and wealthsimple trade will end up being more expensive if you usually trade US securities as they make money mainly from the 1.5% they make on currency conversion... Questrade, however, allows to have both USD and CAD accounts...
Those $9.95 commissions charged by the banks used to be $25 when I first started. Now, if you belong to a professional organization, your organization might negotiate a reduced commission. I'm paying $6.95 per trade because of the Professional Engineers separate advocacy organization, OSPE. I've gotten used to these commissions by regulating purchases at $3000 to $4000 each investment just to keep the total commissions down to less than 1%.
So do you pay the fee each time you buy and then another when you sell or just one fee for the full buy and sell transaction?
@@shahzeboy1609 You pay when you buy and you pay when you sell.
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...
Can one shift from say wealthsimple trade to questrade or any? Any issues moving this and that?
I would like more investment advise, thanks for this.
Have you considered a financial adviser?
@@yousefomar4710 I have not. Can you point me in the right direction?
I’m a new investor as well I am using Lorna Rose Sabbia an Investment adviser who has been in charge of my $ 122k portfolio. I'm mostly focused on stocks & cryptocurrencies.
@@MuhammadAhmad-kt4st wow! was also gonna refer her to Lorna. Its amazing how Lorna’s work is speaking for itself. she's one of the best out there.
@@yousefomar4710 Could you kindly drop me a link to this Lorna Lady.
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.
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.
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
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.
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.
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!
Hi Brandon. Nice video. How about Interactive brokers? Compare it with questrade and wealthsimple, please.
Thanks so much dude, your channel is like a gold mine, just absorbing as much info as I can at this point. God bless.
Dude. You're good. Congrats for the channel.
Thanks Janot :D
Congratulations
God bless your heart of sharing your wisdom. I can understand you rather to any one else. You're the best.
How much brockrage questrade and WS charge in delivery order(long term stock Holding)?
Not for day trading.
Is think or swim basically advanced dashboard?
Every Canadian should know about your site I just found it and I am excited to see more
Thank you for your channel! I finally found one that is Canadian focused!
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
most stocks you will buy are in US funds. SO in reality the most expensive company you have listed to use is Wealth Simple as they will only let you hold Canadian funds and they will charge you 1.5% currency conversion on every trade in and out. Plus they are painfully limited like no trailing stop loss etc.
Thanks for the video. Can I transfer what I have with CIBC Edge to wealthsimple?
Recently I got into the youtube financial niche, and I’ve taken a deep dive into investing, particularly dividend growth investment as it interests me. Tried several methods trying to figure out the best approach to building my portfolio. So far, I’m making progress with the help of my financial advisor. Back to the video, wonderful job there, always look forward to your next content.
It’s almost the same situation here. The difference is that I got off early enough to know that financial planning would help me go a long way. I’m in my 60’s and reaping off my hardwork.
I don’t make that much, but I sure do make enough. However, it will not be a bad idea to hear from a professional.
this was so useful!! ... I didn't know wealth simple had two different platforms, my situation makes so much more sense now lol
Hey Brandon, really liking the content. It's nice to see a fellow Canadian, especially a millennial, providing investing info. I'm still in the research and learn phase but getting pretty close to starting to invest. Keep up the great work!
2020 could be the year! Keep it up :) Thanks!
Brandon what was the free online portfolio tracking site you recommended?
The issue with WealthSimple Trade is that you can't hold USD in your account, so everytime you buy/sell you have to pay the conversion fee. With Questrade, you can hold your funds in USD. So if you buy US stocks, you can save money on conversion fees (which could be higher than the transaction fees Questrade charges).
That’s a very true point Antonio. Thank you for sharing! Very valuable 👌🏻
In questrade you can avoid that fee
Wow I am TD Ameritrade and those fees have been waved here, in the US. Just bought out by Charles Schwab
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.
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.
How could I become one of your team members?
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 ?
CIBC is the best compared to all as they charge 6.95 flat and no maintenance costs for TFSA. You can easily transfer funds in seconds. Wealthsimple is also a great platform with no commission for only Canadian stocks, they do charge 1.5% fee for buying U.S. stocks. They also take 3-5 business days to load funds which forces you to not participate in quick market downturns.
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
Is it better to transfer for rrsp from a brokage company or the bank ?
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.
Any thoughts about RBC Investease? RBC Investease (if you want a simple all in one ETF and want to go with a Big Bank) has an annual fee of 0.5% (plus cost of ETF for a total of ~ 0.61%- 0.72%). That seems to be the current lowest cost 'set-it and forget it' options with traditional venues in Canada (and comparable costs to WealthSimple). With Questrade (a simple all in one ETF- like VGRO- costs about 0.25%). So obviously Questrade is cheaper but requires just a little more work. Still ... for a Big Bank (and only $150 to get started) it's not a bad option for those who don't want to dig a little deeper.
Great overview! Highly appreciate!
This guys the goat. Appreciate it
questrade now has no fx fees for registered accounts (i.e. if u have 500cad and buy 200$ US worth of stocks, their system over night will take the CAD required, convert your -200$ US balance to 0 by using ur CAD balance. All this without any fees on top of the current exchange rate. The FX conversion is a 0.0199 fee they usually take on margin accounts or non-registered ones.)
Thank god for this guy! 😅😅😅 I knew nothing about investing before coming to this channel
UPDATE: They already have the beta of wealthsimple trade desktop version. got a chance to try it out...some links on there are still in working progress though like withdrawing funds and adding funds they still prompt me to login to the mobile app version to complete these actions.
Thank you Brandon for this comprehensive review of the Canadian investing platforms
Questrade is good for stocks only if you can avoid the ECN fee. If not, for market orders, you end up paying a higher fees than other brokerage firms.
So questrade is only good for quick trades, not long term dividends investments?
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?
For Wealthsimple trade, is it possible to purchase ETFs as well?
Yes of course
Someone can tell me what broker is best for after hour trade for canadien using us and cad money?
the best broker is fxgmi i am equally from canada and if you wish i can send you everything about it
@@clairejohn1493 ok thx. Really apreciate
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?
Can I open both accounts with wealthsimple trade and td webbroker at the same time ?
Hey Brandon, I am happy I found your video. For someone like me with zero information about stock investment your video is very helpful. Liked and Subscribed. Now I am really curious to find out how much RBC is charging me in commission since I have given them full authority to invest my money.
Once again thank you very much for your helpful video.
Do you get pre market or aftermarket with any?
Awesome job Brandon...Very helpful presentation and delivery. You would know already but as of today (2/28/21) WealthSimple Trade also has a desktop version. I guess that brings it up a bit higher in the list :)
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?