Selling ALL my Bitcoin & Ethereum on Wealthsimple | Canadian Crypto
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- Опубликовано: 26 июл 2024
- Wealthsimple crypto, I've had a good run, made a decent return after a huge drop in prices, but I'll be moving my crypto funds elsewhere, mainly so I can buy/send/spend/transfer etc etc.
Selling ALL my Bitcoin & Ethereum on Wealthsimple | Canadian Crypto
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Hey guys, welcome to the channel I'm a full time Chartered Accountant as well as a part time Real Estate agent with a background in finance, investing, budgeting and of course, real estate.
I've been on a personal mission for the last 10 years to build multiple streams of income, including both passive and active income. On this journey, I've gained a ton of domain knowledge about personal finance and investments that I would love to share.
My goal for this channel is to help you understand basic taxes, personal finance, investing, budgeting and expense management.
#canadiancrypto #cryptocurrency #crypto
Use this referral link if you want to create a WS account, we both get a little discount on their fees: wealthsimple.com/invite/QVCR-W
I would love to see a mining rig video. Please explain all of the basics as I am an extreme beginner! Thanks Bassem!!
This will be the worst crypto mining video ever, since I had a friend help me out :p
Hi Bassem,
Thank you very much for your useful content. Honestly, I've leanred a lot from you. I was wondering if you possibly could share some of your insights of staking cryptos in Canada. Thanks,
thanks! I couldnt figure out how to sell my cryptos, its quite simple! lol
Easy peasy!
@@CanadianFinancePro lemon squeazy
Love your content
🙏
Did you get a new camera? The image quality looks better! Or is it just because the blinds are closed? Great video, bud.
Same camera, I guess bc the blinds are closed? Maybe I'll do that more often :p
Damn !!!! I see the D2 tab opened ;) !!
Haha I'm a sucker for D2, one of the best games ever. I got back into it once they announced D2R but I haven't bought it yet.
Would love to watch a video about your Etherium mining rig.
Due to popularity, I'll try to bang one out next week, I'll film this weekend. I tried to get the 'build' process on camera but it took forever bc I did it incorrectly and ran out of battery and data :s
how to send coins to another coin address?
I bought a 3080ti for gaming, cursing miners for the shortage as I paid over 2k for the card. Anyway, I'm a week into mining now and would love to see your process... LOL
Hey, I just saw this comment and forgot to respond, did you catch the crypto mining video? I ended up with eight 3070s (a few months ago) and currently in the process of setting up a small warehouse (warehouse is a very very loose term here) with 40 3070s as well (split 50/50 with a partner).
Love your content dog but isn't eth going to PoS pretty soon? I know I tried mining and lost my ***. Would have been better off buying and holding. HODL!!
ETH is going proof of stake in June 2022, I should be at my break-even point way before then, assuming the price works in my favour. But even then, I can mine other coins, I don't know if mining will go away but, its a fun experiment
would love to see a video about your ETH mining process!
I tried filming putting it together but the sound was messed up and it took hours because I'm a total noob, but I'm going to put something together.
Very informative and great video!! I have a question for you. I am using Binance and I was pretty happy with it. But as I live in Ontario, Binance will kick my out by Dec 31. What do you suggest? Which exchange should I move my crypto (ethereum) coins to?
Hey, I've moved to 3 different platforms: Shakepay, Newton and Coinbase. Shakepay only has BTC/ETH but it has free transfers. Coinbase has like 900 coins but its more expensive to transfer.
@@CanadianFinancePro thanks for your prompt reply!
@@GovindCanada The benefit of being an accountant stuck at your computer all day :p
Wondering why have u decided to sell them before the peak i.e. end of November and December :)
Ahh if I knew when the peak was, I'd be richhhh. But I'm just selling my wealthsimple crypto, I still have in my cold wallets and in Binance/Shakepay/Coinbase, I wanted to get rid of 1 platform bc its just too much to manage.
You said you can't transfer the crypto out of WS but yet you did at the end of the video, so what did u mean by that?
Hey, you can't transfer the crypto. What I did, I sold it, then transferred the cash, which is not the same since I'm paying buying/selling fees every time. Ideally, I want to transfer the actual coin itself, instead of selling and transferring the cash.
Is it ok to buy USD stocks on WS? People say not to because of the 1.5% conversion fee and the 1.5% sell fee. But that doesn’t seem to much of a big deal for long term No?
Hey, its not a big deal, it's an annoying fee that'll cut into your gains, but I think that fee will slowly reduce or disappear, they can't keep that fee long term, it just doesn't make sense.
@@CanadianFinancePro I got a free amazon share from referring a friend. $4500…. Not sure what to do with it. To put all into cad or usd stocks
@@CanadianFinancePro thanks. Also is it possible for me to transfer referal code money from personal to tfsa? I’m trying to but says 0$ available to transfer
@@jordan_.zx10r Did you sell the stock?
This video is from a year ago but right now Wealthsimple quotes one-and-a-half to 2% transaction fees whether buying crypto or converting currency. It's really small compared to some places that charge 7 to 12% but they probably charge you for leverage fees for their trading.
Great video as usual Bassem! I'd be curious to see your mining set up as well.. Please do tell us if that setup is power hungry? as in, does you hydro bill go up exponentially higher? I see you live in a condo (?) do you only have a 60 amp breaker panel? how many amps will the rig take up...?
sounds like the beginnings of another successful video ;P !
Nice I didn't think so many people would be interested, surprisingly 1 rig isn't that power hungry, I haven't blown any fuses yet. I'll try to film it but its so extremely loud .. it sounds bad when I try to talk as well, so maybe I'll voiceover.
Thank you for the great video. I'm wondering how you track your crypto gains or transactions for tax purposes.
Oh its going to be a mess, but I'm assuming Wealthsimple will issue a T5008 form for my trades, this T slip shows your capital gains/losses.
Hey, Would you recommend the ETH and BTC ETFs? To avoid taxes buying those ETFs in a TFSA seems like a good idea? Buying it on exchanges like Newton or coinbase are subject to capital gains tax?
Yeah I have shares in BTCC.B.TO, a bitcoin ETF, its been doing really well ever since the underlying, BTC has been shooting up recently.
I am able to transfer my money from crypto to WS trade in a single day. But not shut down, just internal transfers back and forth?
It transferred in a day? For some reason it took a lot longer for me.
@@CanadianFinancePro yeah, I even called them to moan about where it was and they were like "duh it happened 10 days ago". So it happened super fast for me. The transfer, of cashed-in crypto profits into my regular (cash) WS account.
Would love to see the mining process.
It's a-comin'
Why are you investing in gpu mining? Eth is moving to proof of stake...
That switch has been delayed for a few years, I think the due date now is June 2022 for proof of stake. I've already broken even on the GPU mining and already into making profits every month. Once ETH goes proof of stake, I'll try to find the next profitable coin. I think its a great source for passive income, its the most passive income I've ever had.
Just curious on why you don't self invest your RRSP and use a robo advisor?
Hey Lee, I transferred $15K to wealthsimple just to see 1) how good their returns are 2) how good the brokerage is 3) can I beat the roboadvisors and 4) can the roboadvisors beat the market
@@CanadianFinancePro Thank you for the reply, I just found it strange someone with your financial acumen would go with a robo advisor when you could easily replicate it yourself with less management cost but that makes sense if you are testing yourself against the market.
Did you say 50% taxable and 50% free ? Or is it 50% tax over all capital gains
Capital gains are 50% tax free, then 50% gets added to your income & taxed at your personal rate. Hope that clears it up.
hey man so if i hit sell on a coin i own it goes into my account balance and not right into my bank account? because i want to take out of one coin and put into another coin im new to wealth simple lol thanks dude
Hey Rhys, you're right, if you sell a coin, the $$ does not go into your bank account, it'll stay within WS and you'll just see a balance. You'll have to manually withdraw and send to your bank account, there are no fees or penalties to withdraw ... at least not as of the time of writing this comment :p
@@CanadianFinancePro thanks so much man!! :D
Hey I like your video. I just recently am getting into trading and stocks ect. I'd live to see how mining works and I'll subscribe and support your channel. Thanks for the video
Hey I appreciate the support, I released 2 mining videos so far.
ruclips.net/video/-9aPD3X1oY4/видео.html
ruclips.net/video/fzQHAiSCu9I/видео.html
@@CanadianFinancePro My Pleasure, I'm on a mission to learn all I can about stocks/crypto/trades ect.
Great video!! Would love to see how you are mining ethereum. I’m looking for a side hustle at the moment to make extra money😁
That's awesome, I'll try to put something coherent together, I tried filming setting the rig up but the sound was messed up and it took hours because I'm a total noob. It's actually going really well.
What do you think is a fair % to be invested in areas like crypto -- of total investments? You said you were too invested, more than 5%?
I initially had 5% invested but its grown to 15%, which to me is too much, it's nice to take profit every now and then, when things are at their peak (or what I think is their peak). I'm not fully divesting, just reallocating :p
Do you pay taxes on your earnings or the whole amount?
Hey Ken, only on the earnings, thankfully!
@@CanadianFinancePro thanks pal.. I'm new to this.. but very interested in the whole thing...I just turned 51 and trying to set up my retirement in 4-9 years. (The quicker the better).. lol.... I'm hoping Shiba goes to the moon!
@@kenmurphy1815 @Ken Murphy That's awesome, retirement at 55 is my goal as well :p Fingers crossed on SHIBA
Crypto sells in usd. Wealthsiply charges 1.5%
The lack of US account is painful, but I think they're working to get rid of it eventually.
can you make a video on eth mining? how much you've made and how to set up everything!
That's awesome, I'll try to put something coherent together, I tried filming setting the rig up but the sound was messed up and it took hours because I'm a total noob.
do ubreccomend wealth simple crypto
Hm, if you want to participate in the gains/losses of crypto, then yes, but if you want to be able to buy/sell/spend/transfer crypto, then probably not.
Great video as usual Bassem. I thought though you would just leave the Crypto, especially Ethereum, to grow. What's your feeling on Ethereum? Do you think in a few years it will out do Bitcoin? Or Match up to?
I'm eager to see what's this Ethereum mining is all about. So far is it actually worth while, for you?
Hey Andrew, I decided to sell mainly because I'm too deep in crypto, I have about $50K investing (10%) of my portfolio and it was also just all over the place (Binance, shakepay, coinbase, wealthsimple), I figured let me sell these 2 investments and just fund my mining rig. I don't think ETH will catch up to BTC, but it has so much potential, its a great investment, which is why I'm mining it, mining has been going perfect so far, my returns exceeded my initial expectations actually.
Thanks for your response. I'm looking forward hear you talk about mining, or even show what's involved in mining. Thanks for being so open and always sharing valuable information