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.
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.
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.
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.
*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.*
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!:)
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.
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,
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 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.
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
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
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…
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!
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!!!
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.
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.
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.
@@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
This info is now out of date. I am with Wealth Simple Trade and they added a feature for $11.50 a month I can hold USD funds within any of my accounts. The conversion rate still applies to exchange from CDN to USD and vice versa but now my earning from US based investments will remain in USD until I want to exchange. I don't mind paying the monthly fee, small price to pay for what I am saving.
Hey Russell, I used your referral link to create an account with Wealthsimple, but my experience with it has been disappointing so far. I opted for the ETF transfer method to move my funds, but Wealthsimple has informed me that the transfer will take around 3-5 business days to be processed.
Ive heard that its extremely close, almost negligable between questrade and wealthsimple when you compare and add up everything from fees, commissions, premium accounts etc.
Great video, I was always curious about this. Can you make a video on how currency changes affect your profits when selling. Example the cad/usd if it moves from 1.3 to 1.4$ or from 1.3 to 1.2 getting stronger with the dollar 💵
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?
I m not sure if it was like before but now we can maintain our amount in CAD And USD . So only once conversion is required unless we want to convert USD to CAD .
One of the worst app I swear for US stocks! I am plus subscriptions member. I invested $10400 in Cad and converted in USD and invested on stocks got profit around $90. When I am trying to get conversion rate it was showing me $10050 which is less then I invested.!!! I am extremely frustrated with thier customer service. Do they really answer phone calls? do they take seriously us really! Never ever take calls and don’t have any knowledgable agent to help us in the chat! Literally fed up of using thier services and paying on top of that nothing! Loosing money for ridicules amount of paying convert rate and guess what no one is there to explain what is going on!! This is my last month. Thier stupid agent is hanging up call on the face also!!! Please do yourself favour and don’t use this app again!
This is really great info. Much appreciated. I wonder if you've done a similar video about The Simple Investor - another Canadian wealth management company?
Are people trolling? The exchange fee is insanely expensive. If you pay 2% fee when the market return expected is 7% then you just literally destroyed your investment, and that's for a single conversion...If you trade 1 time per month, that's -12%? LOL! If you're trading 1000$ it might not seem a lot, but what if you trade 1 million?
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.
Good PSA, but this sounds more like an investor problem. If a person is supposedly knowledgeable enough to be trading stock they should be smart enough to read and understand limitation and fees related to currency conversion. If not, they probably aren’t doing the due dillegence to invest in individual stocks.
I mean, yes this is terrible to a degree but at the same time as the point you made.. Us Canadians can just invest in Canadian companies. As you said we won't have much of a problem, but I also understand that it can lead into wanting to invest in some US companies. Great video.
@@maxwelljoshua7804 Canada has many good companies to invest in as does America. Canadian banks are known to be well run institutions. Where you invest is up to you but I will do a comparison of the two in a broad sense. First up is currency. Let's compare the cost of gold in each countries dollars. Gold is a commodity and we could use multiple commodities but as a quick example we will just look at currency value quickly.
@@martintaylor2320 The Canadian dollar is trending above the pound and the euro. Currency advantage verses the dollar: if investing on currency appreciation alone the advantage goes to the European sector and the UK. The movement from below historic mean value back to mean value or above :if it occurs, gives you an advantage verses buying a currency trending above historic mean value. The stocks you buy have a built in capability to appreciate on currency if you buy while your home currency is surging or at an above mean value in a depressed currency the spreads can converge and cover some volatility.
I just realized while doing some short term trades. I always expect to make more but I keep paying these 1.5% fees that add up. Especially If it's small amounts you don't end up making much.
Great insight. I'll have to look into tradequest - makes sense for U.S. stocks. Wealthsimple is so user friendly w/r/s to fees..... Thanks for posting....🥃
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?
Questrade charges 2.5% foreign exchange fees on US stocks. You might be better off using bank brokerages where they charge around 1.5% and give you the option for US settlement
If you want to make another interesting video, note that when they manage your money, there is no cash allocation possible. No level of risk includes a cash allocation. If you want to hold cash or invest the cash regularly instead of all at once, they want you to open a second RRSP account where you place the cash. Then you have to transfer the into your managed account manually and it may take up to 7 days for the investment to be made. Not at all user friendly.
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
The only time I don't mind buying a US stock on WS is if the stock shares price is very high (like Amazon or Google) and WS offers fractional shares which other brokers don't have.
They also have a 10$ a month membership fee that negates those. I think I'll opt in on that one instead. But good info. Maybe a yr ago it didn't have the option idk
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
Great advice and perfect timing Russell, With the current situation and trying to really focus on the future I was seriously thinking about WealthSimple because of the no minimum's. It seems easy to use. And also puts my money for the most part in my control. From what I've seen it also is very good at explaining the stock market, how it works, and which kinds of stocks react how. Which are least and worst risk to buy into. Is that the experience you've had? I'm only going off of comparing different investment sites myself, the information they give, the way in which they give it, and the success rate others have invested in on the site with pretty accurate successes. Please let me know Russell. Matt - Toronto
WS Trade is amazing. It doesn't matter about the conversion fee in my opinion. I've made over 50,000$ CDN using WS trade investing in both American and Canadian stock. Sure you pay a fee for american stocks but if you are a long term holder or you make some nice gains it works out nice.
This morning i sold my shares and the money literally disappeared and my account was a few cents under what i invsted moments later. AFTER I sold. Will never use this app again.
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.
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
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
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!
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.
So weird I just saw Wealthsimple ad before this video 😂
I did as well lol
*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,
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!:)
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.
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 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?
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...
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! :)
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.
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
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???
Great video! Very informative and explained clearly!
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 sharing and explaining the good and bad of Wealthsimple.
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???
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…
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!
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!!!!!
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.
Wow this is a huge factor and very good to know. Thanks for the warning!
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.
Their Crypto ad was cringe and made me rethink using their platform
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??
Thanks for that explanation. I'm a buy and hold, as you advise, but good to know. Subscribed!
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??
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.
I’m using WealthSimple Trade and CIBC Pro-Investor.
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
This info is now out of date. I am with Wealth Simple Trade and they added a feature for $11.50 a month I can hold USD funds within any of my accounts. The conversion rate still applies to exchange from CDN to USD and vice versa but now my earning from US based investments will remain in USD until I want to exchange. I don't mind paying the monthly fee, small price to pay for what I am saving.
Correct! I've made an update video about this!
Hey Russell, I used your referral link to create an account with Wealthsimple, but my experience with it has been disappointing so far. I opted for the ETF transfer method to move my funds, but Wealthsimple has informed me that the transfer will take around 3-5 business days to be processed.
Update. According to my bank, Wealthsimple has my money but they are holding onto it for 3-5 days.
I hate Wealthsimple.
Norbert's Gambit if you want to avoid the 2% fee on Can to USD conversion. Pay 10-20 instead of 200 on a 10K conversion
They now have Options, USD account, DRIP & Recurrent buying ETFs CAD or USD exchanges. Your welcome!
Honestly...this doesn't seem to be bad. When I buy stock I'm more into a long term investing. So by the time I sell it. I will already made profit.
DAMN Thank you sooo much Russell!! You’ve literallly answered alll my questions!! This video was great
Ive heard that its extremely close, almost negligable between questrade and wealthsimple when you compare and add up everything from fees, commissions, premium accounts etc.
Discipline is the name of the game , I noticed this percentage of fees, which prompted me to do a CAD / ETF only portfolio only on WS
Great video, I was always curious about this. Can you make a video on how currency changes affect your profits when selling. Example the cad/usd if it moves from 1.3 to 1.4$ or from 1.3 to 1.2 getting stronger with the dollar 💵
You forgot to point out Norbert's Gambit to convert on Questrade without 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?
I m not sure if it was like before but now we can maintain our amount in CAD And USD . So only once conversion is required unless we want to convert USD to CAD .
I got cold feet when they asked for my Social Insurance number.
Excellent video. This guy is smart AF
Solid explanation man. It was cool you had the calculator on the screen somehow haha
Thank you for the great info. More power. 👍👍👍
One of the worst app I swear for US stocks!
I am plus subscriptions member. I invested $10400 in Cad and converted in USD and invested on stocks got profit around $90. When I am trying to get conversion rate it was showing me $10050 which is less then I invested.!!!
I am extremely frustrated with thier customer service. Do they really answer phone calls? do they take seriously us really!
Never ever take calls and don’t have any knowledgable agent to help us in the chat!
Literally fed up of using thier services and paying on top of that nothing!
Loosing money for ridicules amount of paying convert rate and guess what no one is there to explain what is going on!!
This is my last month.
Thier stupid agent is hanging up call on the face also!!!
Please do yourself favour and don’t use this app again!
Thank you very much for clarification. You are great.
This is really great info. Much appreciated. I wonder if you've done a similar video about The Simple Investor - another Canadian wealth management company?
Well that’s because they know the real deal is not in Canada it’s somewhere else with much bigger market like the US
Are people trolling? The exchange fee is insanely expensive. If you pay 2% fee when the market return expected is 7% then you just literally destroyed your investment, and that's for a single conversion...If you trade 1 time per month, that's -12%? LOL! If you're trading 1000$ it might not seem a lot, but what if you trade 1 million?
Amazing explanation with the solution. Very helpful. Thanks👏👏👏
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 $1500 depending on your brokerage.
Awesome video Russel. I use both Questrade and Wealthsimple. Questradwe for USD stocks and Wealthsimple for CDN stocks.
Thanks Remi! I do the same thing!:) 👍🏻
I’m probably going to sign up to the Wealthsimple, but I want to do the all in one XBAL do you think that will be good?
Why can’t you open a USD account , that’s what I did at several other CDN platforms.
What about the crypto , like litecoin now is going for 195 on Whealt simple but other platforme are 3$ more a coin ???
Good PSA, but this sounds more like an investor problem. If a person is supposedly knowledgeable enough to be trading stock they should be smart enough to read and understand limitation and fees related to currency conversion. If not, they probably aren’t doing the due dillegence to invest in individual stocks.
I mean, yes this is terrible to a degree but at the same time as the point you made.. Us Canadians can just invest in Canadian companies. As you said we won't have much of a problem, but I also understand that it can lead into wanting to invest in some US companies. Great video.
Which is better to invest in, the US or the Canadian stock market?
@@maxwelljoshua7804 Canada has many good companies to invest in as does America. Canadian banks are known to be well run institutions. Where you invest is up to you but I will do a comparison of the two in a broad sense.
First up is currency. Let's compare the cost of gold in each countries dollars. Gold is a commodity and we could use multiple commodities but as a quick example we will just look at currency value quickly.
@@martintaylor2320 The Canadian dollar is trending above the pound and the euro. Currency advantage verses the dollar: if investing on currency appreciation alone the advantage goes to the European sector and the UK. The movement from below historic mean value back to mean value or above :if it occurs, gives you an advantage verses buying a currency trending above historic mean value. The stocks you buy have a built in capability to appreciate on currency if you buy while your home currency is surging or at an above mean value in a depressed currency the spreads can converge and cover some volatility.
@@martintaylor2320 Why do investors invest in stocks?
I still get it confusing
@@aliceviele3670 Because it is easily the most effective way of building up wealth long-term. It easily beats even property.
Very well explained! Thank you.
I just realized while doing some short term trades. I always expect to make more but I keep paying these 1.5% fees that add up. Especially If it's small amounts you don't end up making much.
Great video thanks for your honest values and helpful advice
Wow I was thinking about using WeathSimple to build up my American portfolio. Screw that noise after watching this!
What are your thoughts on MetaTrader and Binance? I've been told to use these platforms to start
What happened to Facebook stock MVRS in Wealthsimple I can only sell my stock I can not buy any stock
excellent video, thanks. I have one US stock and I'll be more educated if i get another one
Weird thing is that I got an ad of wealth simple in this video
Thank you, I just signed up for this and I wont be making any American trades now.
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 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
Great insight. I'll have to look into tradequest - makes sense for U.S. stocks. Wealthsimple is so user friendly w/r/s to fees.....
Thanks for posting....🥃
Just research some Canadian ETF's that cover US companies. Unless there is one particular company that you want to own.
Do you have a video explaining ETFs?
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?
Questrade charges 2.5% foreign exchange fees on US stocks. You might be better off using bank brokerages where they charge around 1.5% and give you the option for US settlement
With the Canadian dollar at 70 cents USD, you mean they only charge 1.5% to convert to USD???
If you want to make another interesting video, note that when they manage your money, there is no cash allocation possible. No level of risk includes a cash allocation. If you want to hold cash or invest the cash regularly instead of all at once, they want you to open a second RRSP account where you place the cash. Then you have to transfer the into your managed account manually and it may take up to 7 days for the investment to be made. Not at all user friendly.
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
Agreed, still a great platform! Great job man!!
But ETFs listed in US dollars aren’t subject to this exchange fee right?
Thank you for the video
Very good information
Thanks 😄
but isnt it still cheaper because other brokers charges comm fee plus currency conversions for all buy and sell of specific stocks?
The only time I don't mind buying a US stock on WS is if the stock shares price is very high (like Amazon or Google) and WS offers fractional shares which other brokers don't have.
They also have a 10$ a month membership fee that negates those. I think I'll opt in on that one instead. But good info. Maybe a yr ago it didn't have the option idk
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??
Epic info thanks Russ!
thank yo very informative about wealth simple and qtrade
He said "Tesla" 4 times. Free advertising for Tesla. Perhaps its a hint to invest in Tesla.
Paying 10$/m gets rid of that fee. I just got started and was even offered a one month free with cancel anytime. So it’s worth it?
Can you show us your investment portfolio
So if I buy a Canadian stock then this fee won’t get that 1.5 percent so I don’t now a few Canadian top stocks if you can give me 20 good stock for Canadian stock
This video is educational and practically useful.
And I just subbed. I love the honesty
For me 1.5% conversion its no a problem if i pays 30 or 40$ of conversion fee but i make 300 or 400$ i dont care love this apps Very simple 😁👏
Great advice and perfect timing Russell,
With the current situation and trying to really focus on the future I was seriously thinking about WealthSimple because of the no minimum's. It seems easy to use. And also puts my money for the most part in my control. From what I've seen it also is very good at explaining the stock market, how it works, and which kinds of stocks react how. Which are least and worst risk to buy into. Is that the experience you've had?
I'm only going off of comparing different investment sites myself, the information they give, the way in which they give it, and the success rate others have invested in on the site with pretty accurate successes.
Please let me know Russell.
Matt - Toronto
WS Trade is amazing. It doesn't matter about the conversion fee in my opinion. I've made over 50,000$ CDN using WS trade investing in both American and Canadian stock. Sure you pay a fee for american stocks but if you are a long term holder or you make some nice gains it works out nice.
This morning i sold my shares and the money literally disappeared and my account was a few cents under what i invsted moments later. AFTER I sold. Will never use this app again.
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???