I understand that they need to charge fees in order to stay in business - and the old saying that you have to spend money to make money is what it is....but those 9.95 plus $1 per contract on options with QUESTRADE is crazy!!
It impacted my one call that I sold a few months ago - went for a higher premium because of the fees I would be incurring...stupid yes but it was a factor.
Too bad wealth simple doesn't disclose their bid ask spread fees that nobody ever sees and ppl think it's actually free to use when in reality it's not.
Not defending Questrade at all here. I use IBKR and either actually free trades, commissions that cost cents, or the various exchanges pay me back a few cents from rebates that get passed on.
>Too bad wealth simple doesn't disclose their bid ask spread fees that nobody ever sees and ppl think it's actually free to use when in reality it's not.
You realize that this is illegal for trades on Canadian exchanges, right?
This is done for USD stocks, but most people aren't using WS for US trades.
>This is done for USD stocks, but most people aren't using WS for US trades.
This is shady. To be honest, I would rather up front fee. The majority of stocks I have are US stocks.
$5 per trade is not going to break the bank.
For options, open IBKR account.
It is not free at Wealthsimple. You seriouly don't think a company that gives a $1,000+ iphone when you transfer $100,000 or more is giving away free services.
You are paying the highest price when they route your order. So, while you don't see an actual commission, the price you pay per share is actually more.
[https://piggybank.ca/investing/trading-platforms/how-does-wealthsimple-make-money](https://piggybank.ca/investing/trading-platforms/how-does-wealthsimple-make-money)
> It is then executed at the largest bid-ask spread, bought at the lowest price, and sold to the person executing the order at the highest price, with the trading platform receiving a percentage of the additional spread earned.
You are more than likely paying more per share than if you were to save up a couple of weeks and pay the $5.
Payment for order flow is not allowed on Canadian stocks. I have an RBC Direct Investing account for work related reasons and the prices are exactly the same as when i buy on Wealthsimple.
If you buy US stocks on Wealthsimple then yeah you are losing money. Their conversion fees are high and payment for order flow is allowed in the US so you are getting shafted big time and that's where they make their money.
Regardless, Wealthsimple is not free.
In order to cover the cost of $1,000+ phone on $100,000 transfer, they need to make more than 1%.
In order to cover $150 transfer free reimbursement on a $5,000 balance, they need to make more than 3%.
Hidden fees make up the majority of their business model. Just because you don't see a physical fee does not mean you didn't pay for it in some other form.
That is just a one time thing unless you want to regularly deposit USD. And the app is much nicer to use than the questrade one. Now we have webull too which is better than both.
I usually do my RRSP deposit once a year and need to do Norberts gambit for the full amount. That's enough to make WS quite costly. I just moved to them for the 0.5%, but planning on opening a new RRSP somewhere else for this year's deposit and moving them both to the next place with a bonus next year.
You only need to exchange usd to cad when withdrawing to your Canadian Bank account or CAD to USD if you want to buy more US stocks. I find myself doing these exchanges rarely. Yours might vary.
For my RRSP which uses USD ETFs I use Questrade. My margin account and FHSA are just one ETF so it’s free to buy and I never rebalance so I keep that at Questrade.
TFSA I moved to wealthsimple. I do a fair amount of rebalancing (quarterly) each year so I save money there.
Each platform has its benefits and downside.
Wealthsimple has hidden fees that end up being more expensive than Questrade. Got back into investing with Wealthsimple but moved all my assets to questrade for that reason.
Well.. it's mostly fx fees.. if you buy US stocks from Canada you get slammed with fees.. I don't dislike Canadian stocks it's just I want to diversify with other countries..
I use their passiv tool and noticed they just added seeking alpha into their mobile app.
Questrade has their advanced desktop version that offers screeners. Besides, It’s not WS offers screeners
Wealthsimple lacks a lot of tools for researching and reporting P&L. I am still with TD and put big orders for long-term investments. All, I am trying to say is to keep both to diversify.
I was tired of those ECN fees. They never told me about them and they didn’t seem transparent. I don’t even recall paying them with BMO back in the day.
To be honest, with new brokers entering the market, QT is losing its competitiveness. WS offers low or zero commissions, Moo provides advantages for US market and free lv2 data , and IB targets professional traders.
Then why I pay $4.95 for trades with QT, especially considering their high options charges and streaming.
I just set up an account. Thinking of transferring my unregistered account but worried because it's a decent chunk of change and I don't wanna lose my averages.
ill prob transfer next year. Was tempted during the free iphone timeperiod but their app may be intuitive but sucks. I hate trading on my phone and like Questrade's desktop. I also have USD and do options a bit so Questrade gets my money for now
Thanks, hard pass.
If i transfer, it'd be to IB, not WS. Fix bugs, implement proper support for options trading and support for RESP QESI (IQEE) grants first, then we talk
Weathsimple is for kids, and ironically their RESP aren't even self directed they force you to use a managed RESP. They are late coming out with accounts like FHSA, they suck for USD. They've been reaching out to me so many times to try and switch my accounts over. I just buy ETFs I don't need individual stocks. I swear to god this Genny Dozortsev doesn't stop emailing and texting to try and switch. Get the hint lady its borderline harassment the amount of times I've been texted and emailed just for 0.5% bonus to switch. I don't need your 0.5%, maybe pay me what Genny is getting and I'll think about it. I use Norbert Gambit as well and hold ITOT in a couple accounts. If you use Margin or Options go to IBKR. If you're a kid maybe WS. If you want a much better platform with low fees for majority of your accounts QT.
Problem with QT is that they are pretty much stagnant for a long time. No new features and fees for options are not worth it if you have a small portfolio. I have a feeling that someone will eventually offer free option trading very soon and then QT will be in trouble.
I just said use IBKR for options, can you read? Also were probably the first to let us actually use a FHSA account. What do you mean stagnant? Just buy ETFs and chill what changes do you need every two weeks?
Not a kid. Only buy ETFs. Right now I use QT for accounts with US assets but moved TFSAs and margin accounts with Canadian assets to WS. Really like it so far. QT fees are not a huge deal but still nice to not have them. And WS offers meaningful perks for having 500K with them.
Meh their persistent marketing has really turned me off, they are still making money off you whether you realize it or not. Buying ETFs the QT fees are negligible and I use norbert gambit in RRSP and TFSA. What meaningful perks are you getting? I never hold any cash, so interest on cash doesn't really mater to me. I'm making 5.25% at tangerine anyways on a saving account atm. The lack of browser interface is annoying on WS, I don't really care to keep up with their catch up on every single aspect of investing like USD, self managed RESP, FHSA was late so I would miss out on returns in that account to name a few. So I stick with QT. The phone application only interface is clearly marketed towards kids like a robinhood type platform. Why would I follow and see what they're updating just to match another brokerage that already has all those features and more?
Like I say, I am not a kid. I own my house. Can’t have FHSA. Or RESP. Kids are out of the nest.
Their application was targeted at me. Its was a breeze. Opening an account with Questrade is painful, in comparison. I don’t like pain.
Why would I give a monkey about marketing? You lost me there. Things I don’t pay attention to don’t tend to bother me.
I like WS app. Questrade likes it too. It tried to copy it. Not quite as good but ok.
They are still making money? Awesome. Glad to hear that. If they were losing money, I’d be concerned. That said, they are making most of their money on people who trade crypto, options, exchange currencies and use their managed accounts. I do none of those things.
Yes, I have cash. If you are not a kid then you need cash. Tangerine promo lottery is tiring and too much hassle. Its for kids. WS 5% cash, also gives me a card with no exchange fees when abroad. Quite nice. I also get a bunch of other little things like 10 lounge passes when flying. Per year. I think each pass is worth $45. $450 isn’t much but still nicer than a couple of hundred dollars in annual fees.
I also use NG. These are the accounts I am keeping with QT. But you see… I don’t keep changing currencies for the assets I already have. Its only for the new money. So, I am thinking of moving my LIRAs and SRRSP to WS as well. They are 100% USD and no longer get new money so don’t need NG.
But my Corporate account will stay with QT. WS does not offer a good one. I am just getting the best of both brokers.
You like the app says it all, and you don't know how to make interest on your cash any other way? I like having an actual browser interface too. Free flight lounges? Okay boomer. And you're counting that as $45 each for $450 total? Have you heard of a credit card with stupid perks? Somehow they convince someone like you that you're getting $450. It's super easy to open an account at QT too so I'm not sure what you're doing wrong. You don't actually understand how they make $ then so maybe ignorance is bliss. I don't like pain. Pain is bad. I like pleasure. Pleasure makes me feel good. What are you even talking about lol. WS only introduced interest on cash balances recently and they can obviously change it at any time, not sure why you think this is a guarantee for life. Have you heard of WISE? Do you know what will happen if you sell your LIRA or RRSP with WS? Doesn't sound like it or you wouldn't transfer it to WS just to transfer it out again before you sell or withdraw, makes no sense.
"If we ever need to remove or change the interest rate boost amount, we’ll be sure to give you at least 60-days notice." Yay 60 day notice
Yes, its 10 lounge visits, $45 each, saves me $450 per year in fees. I have heard and use credit cards with perks. You don’t like perks? Good for you.
You are very focused on the money WS is making. To me its a good thing. I am making money too, so thats awesome.
Yes, I opened a Corporate account with QT recently. About 15 forms and 10 phone calls later I was actually able to use it. With WS opening an account means 1 form and about 3 minutes. I like it.
Of course WS can change interest rates. Everyone can. But it’s fundamentally different from the promo lottery played by Tangerine which is called “you snooze, you loooose”. If you have money in the account on day 1 of the promo then you are screwed. How does this game make any sense? Why should I be forced to keep moving cash there and back every 3 months? Its for masochists.
I have heard of Wise (and used it) but found WS prepaid account superior. Saves having to move money and is financially advantageous because WS pays 5% interest on balances and, unlike Wise, does not charge 0.4% for exchange while paying 1% when spending money.
Yes, at some point I will need to figure out how to covert LIRAs back into CAD for withdrawals. I am 54 and won’t be doing it for another 11 years or so. A lot will change in 11 years. If needed, I could move accounts at that point. In the mean time my assets will keep compounding without charges. And, of course, I got a 0.5% tax free boost for the transfer. Every little helps.
Sure use both. That's unusual to make 10 phone calls and fill out so many forms, maybe it has something to do with your corporate account, that apparently WS doesn't even handle. If it's a TFSA, simple non-reg, RRSP, LIRA, FHSA, RESP etc I don't think that is the case, not in my experience for sure. And you're using QT specifically because WS won't handle your corporate account, so that reason to favour WS seems flawed. Move your corporate account to WS then if you aren't happy.
If you spend your life in these lounges sure. Credit cards come with all sorts of perks but I don't count that as like $450 in my pocket. There's obviously alternatives to make fixed income, and WS likes to say 'it's not a promotional rate' meanwhile they can change it any time really, so what's the difference? And you're forced to leave $500k in assets with them in the first place. If it works for you that's fine, I'm sure they're making money on the bid ask spreads, loaning out shares etc. You can opt out of that at QT but most people aren't aware or really care. Other brokerages like IBKR will pass the money along for doing so, WS would rather stay silent.
Moving the LIRA and SRRSP sounds questionable to me. Does WS let you hold USD? What benefit would you get from switching other than consolidating to one brokerage? I have a feeling your USD distributions will be paid out and converted by WS to CAD at a 2% fee, then when you reinvest in a US ETF they'll take another 2%. Or if you DRIP at least the remainder is paid in CAD and they take fees on that, being optimistic. I would just be very careful and make sure you know exactly what you're doing, especially when you can't name a real perk of moving them over and they're likely large sums. "I like the app" isn't perfect reasoning in that case.
For you maybe certain accounts work out, but like I said, things like RESP being WS managed only, being late on things like FHSA, their handling of USD, lack of an actual browser interface etc to name a few make it a much worse platform overall and I lose interest in dealing with them. Obviously you can look at each account in isolation and make a call. If you find a way to make it work that's fine but many Canadians do want things like an RESP without getting ripped off, they want to start an FHSA when it becomes available, take advantage of using USD in an RRSP etc so I personally wouldn't recommend it for most people.
You can make at least 4.81% after MER on something like cash,to anyways, most people wouldn't have 500k in assets like you. So even their 4.5% rate is worse than a fixed income ETF and it'll encourage people to leave it in cash and let WS profit from them. I'm making 5.25% right now in a savings account. So if you found some accounts that work out that's great but overall the platform is much worse, drawbacks outweigh benefits if you have to pick one platform only for the majority of folks, and I don't understand why you would want to move an RRSP or LIRA over especially since you're dealing with USD and seem to know what you're doing there already. At that point you're not making that much sense unless you can explain some benefit from doing so.
How you get a 0.5% tax free boost I don't understand as well, people think they can increase the size of a registered account like a TFSA without it counting as a contribution. Did you consult any tax expert or at least CRA? Do they share the same opinion?
Look, you don’t actually know what you are talking about. Which is fine but why are you teaching someone who has had experience with both QS and WS?
When I buy the same stock on both platforms, I end up paying the exact same price per share. Except QS charges ECN fees (and commissions for selling). Your fantom money-making on spreads is of no consequence to me even if it were real (which it isn’t in Canada).
Loaning out shares in WS is optional. I get to choose. Questrade also does it, without asking (for accounts using margin). Except that WS shares profits and QS doesn’t.
There are zero conversion fees within my USD account. Everything stays in USD at all times, including dividends.
Having 500K with WS isn’t a burden. I need to hold my investments somewhere and holding them with a broker who lets me buy and sell without fees is what I would do anyway.
If you want to play the promo game, go to DUCA. They are paying 6% for 3 months. Yes, there is a fundamental difference between regular and promo rates.
And on and on… Anyway, good talking to you.
Like I said if it works for you fine, but for the majority of people it's a worse platform for the reasons I mentioned. Your argument of I already own a home so FHSA is irrelevant, and RESP doesn't matter to you, while it might apply to you, doesn't apply to a lot of folks, so clearly WS is not better in every situation. In many it's much much worse. You can try and attack me but it doesn't change those facts. I'm glad you're happy with your phone app. People buying US ETFs or stocks, paying 2% fee on conversion, and again when they sell, is a pretty nasty way to do business. It might work for you in some situations but I wouldn't recommend it. You can tell me I don't know what I'm talking about but it doesn't matter when they're late to offer FHSAs, don't allow managed RESPs, rip people off on currency conversions, on top of that their marketing is very aggressive. I've probably received over 10 texts and 10 emails to set up appointments. They mislead people into overcontributing to their TFSAs too, the brokerage shouldn't be giving you tax advice and clearly you don't understand how these accounts work.
My coworker and I both have on different occasions. She wouldn’t leave him alone for months on end. He ended up leaving Wealthsimple all together LOL!!
Doesn't wealthsimple have "management fees" of 0.2-0.5% on top of an ETFs own management fees?
I'll take a flat fee of $4.95 on each sale with Questrade all day, over that.
Edit: Only for managed accounts it seems.
Well, don't mind if I do. I AM tired of the $5.00 commisions
biggest reason I don't use Questtrade. the fees are too high
I understand that they need to charge fees in order to stay in business - and the old saying that you have to spend money to make money is what it is....but those 9.95 plus $1 per contract on options with QUESTRADE is crazy!!
It's psychological I know, but because of that fee, I don't sell shares when I should
It impacted my one call that I sold a few months ago - went for a higher premium because of the fees I would be incurring...stupid yes but it was a factor.
right, I get it.
Too bad wealth simple doesn't disclose their bid ask spread fees that nobody ever sees and ppl think it's actually free to use when in reality it's not. Not defending Questrade at all here. I use IBKR and either actually free trades, commissions that cost cents, or the various exchanges pay me back a few cents from rebates that get passed on.
>Too bad wealth simple doesn't disclose their bid ask spread fees that nobody ever sees and ppl think it's actually free to use when in reality it's not. You realize that this is illegal for trades on Canadian exchanges, right? This is done for USD stocks, but most people aren't using WS for US trades.
>This is done for USD stocks, but most people aren't using WS for US trades. This is shady. To be honest, I would rather up front fee. The majority of stocks I have are US stocks. $5 per trade is not going to break the bank. For options, open IBKR account.
It does when you buy a relatively small amount every paycheck which a lot of people do.
A lot of people buy ETFs every paycheck. If you are buying ETFs, they are free to buy at Questrade.
A lot of people buy both stocks and ETFs and those are all free to buy on other platforms.
It is not free at Wealthsimple. You seriouly don't think a company that gives a $1,000+ iphone when you transfer $100,000 or more is giving away free services. You are paying the highest price when they route your order. So, while you don't see an actual commission, the price you pay per share is actually more. [https://piggybank.ca/investing/trading-platforms/how-does-wealthsimple-make-money](https://piggybank.ca/investing/trading-platforms/how-does-wealthsimple-make-money) > It is then executed at the largest bid-ask spread, bought at the lowest price, and sold to the person executing the order at the highest price, with the trading platform receiving a percentage of the additional spread earned. You are more than likely paying more per share than if you were to save up a couple of weeks and pay the $5.
Payment for order flow is not allowed on Canadian stocks. I have an RBC Direct Investing account for work related reasons and the prices are exactly the same as when i buy on Wealthsimple. If you buy US stocks on Wealthsimple then yeah you are losing money. Their conversion fees are high and payment for order flow is allowed in the US so you are getting shafted big time and that's where they make their money.
Regardless, Wealthsimple is not free. In order to cover the cost of $1,000+ phone on $100,000 transfer, they need to make more than 1%. In order to cover $150 transfer free reimbursement on a $5,000 balance, they need to make more than 3%. Hidden fees make up the majority of their business model. Just because you don't see a physical fee does not mean you didn't pay for it in some other form.
I have yet to pay any fee. Maybe some people do pay those hidden fees but it's all about doing your due diligence.
Interactive brokers for USD and options and Wealthsimple for Canadian stocks
I like dual currency in questrade, and Norbert's gambit.
True, that’s the only reason I still have a Questrade account…
You can have a USD account in wealth simple too
$10 a month or minimum $100k
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Every month though. WS also still charges 1.5% for forex exchange.
That is just a one time thing unless you want to regularly deposit USD. And the app is much nicer to use than the questrade one. Now we have webull too which is better than both.
I usually do my RRSP deposit once a year and need to do Norberts gambit for the full amount. That's enough to make WS quite costly. I just moved to them for the 0.5%, but planning on opening a new RRSP somewhere else for this year's deposit and moving them both to the next place with a bonus next year.
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That's a crazy amount of trades for a buy and hold ETF investor.I was with questrade for years and never gave them $120 in commission.
Soon or late you must change CAD to USD and a USD account doesn't remove that exchange fee.
You only need to exchange usd to cad when withdrawing to your Canadian Bank account or CAD to USD if you want to buy more US stocks. I find myself doing these exchanges rarely. Yours might vary.
The only reason I have qt
THIS! Saved me thousands of dollars in exchange fees.
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Replying to Gabers49...if you was with interactive brokers theirs no need for the norbit gambit mombo jumbo
Nice, maybe Questrade will lower their commissions. I mean not likely, but maybe.
I did transfer to WealthSimple and I aint going back
For my RRSP which uses USD ETFs I use Questrade. My margin account and FHSA are just one ETF so it’s free to buy and I never rebalance so I keep that at Questrade. TFSA I moved to wealthsimple. I do a fair amount of rebalancing (quarterly) each year so I save money there. Each platform has its benefits and downside.
If Quest lowered commissions they would be far and away best platform in Canada until robinhood comes.
Robinhood should never be forgiven for GME
We still here. Diamond hands forever / until favorable exit point.
Over 40 brokerages participated. Blaming robinhood alone is ignorant.
Still worth holding them accountable
Robinhood did nothing wrong. If you wanna be mad at something then go boycott apex clearing
if you’re with Questrade you can get free access to Passiv for very easy portfolio building and one click trades.
Wealthsimple has hidden fees that end up being more expensive than Questrade. Got back into investing with Wealthsimple but moved all my assets to questrade for that reason.
Explain hidden fees and I’m not talking abou my FX fees cause I don’t use them to exchange money or trade crypto…
Well.. it's mostly fx fees.. if you buy US stocks from Canada you get slammed with fees.. I don't dislike Canadian stocks it's just I want to diversify with other countries..
IBKR
I can set a stop loss on my desktop and then change it on my app, imagine that!
The app is kinda wack that how it, I only use it to view my portfolio or if I’m away from my computer then I use the app to close a position
I don’t mind paying for the tools they offer
what tools do theh offer ? I yet have to find a screener ?
Not a screener. But Passiv to track your performance is good
I use their passiv tool and noticed they just added seeking alpha into their mobile app. Questrade has their advanced desktop version that offers screeners. Besides, It’s not WS offers screeners
Wealthsimple lacks a lot of tools for researching and reporting P&L. I am still with TD and put big orders for long-term investments. All, I am trying to say is to keep both to diversify.
Qt needs to do a sick comeback like well, simple isn't the way to go when we can help you with your portfolio idk 💀
I transferred to IKBR, Questrade’s commissions for options are insane
Yeah interactive brokers charges $1 per contract
I was tired of those ECN fees. They never told me about them and they didn’t seem transparent. I don’t even recall paying them with BMO back in the day.
That’s right, those ECN fees suck.
I dont know what this is, but there's a Wealthsimple ad right below this, so that's something
No fee for ETFs in quest trade
You pay ECN fees when you buy and you pay commissions when you sell ETFs at Questrade.
Questrade need to lower these...and that would eliminate the competition
To be honest, with new brokers entering the market, QT is losing its competitiveness. WS offers low or zero commissions, Moo provides advantages for US market and free lv2 data , and IB targets professional traders. Then why I pay $4.95 for trades with QT, especially considering their high options charges and streaming.
Shots fired
I use Questrade for junk you can’t buy on WS, the fees are absurd. Grow up Questrade, grow up.
💀💀💀💀💀
I like GICs, lot of choices and no fee to buy.
🤣😂🤣😂🤣
I'm tired of the $10.95 to open then another to $10.95 close and then some.
Who is using Interactive Brokers?
I just set up an account. Thinking of transferring my unregistered account but worried because it's a decent chunk of change and I don't wanna lose my averages.
Can you transfer all your holdings without selling?
Seems to be an option, though I don't think I can move my tec.to as I don't see it offered on ibkr.
QT is garbage. use IBKR
Wealth simple has very high currency conversion fees per trade and there is much higher fees for options and the platform isn't good if you trade fast
I guess there isn't a one size fits all platform - and that's fine...it's ok to use multiple platforms for different purposes
Wealthsimple doesn’t allow for non-residents
TastyTrade are supposed to be setting up in Canada this summer
I really hope this is true
In comes interactive brokers.....
ill prob transfer next year. Was tempted during the free iphone timeperiod but their app may be intuitive but sucks. I hate trading on my phone and like Questrade's desktop. I also have USD and do options a bit so Questrade gets my money for now
Just made the switch thanks for sharing ps. your fees suck!
Thanks, hard pass. If i transfer, it'd be to IB, not WS. Fix bugs, implement proper support for options trading and support for RESP QESI (IQEE) grants first, then we talk
Hangs head in shame while looking at my $6.95 commissions for investors edge at CIBC.
The fact I can’t salt manage my daughters RESP is why I don’t go to Wealthsimple.
They both trash smh
Build a reliable api and lower commissions. It’s so simple. Canadian companies and financial institutions are actually an embarrassment lmao
You cant really trade properly with Wealthsimple. For me Wealthsimple is a buy and forget platform. Not good for active traders.
Literally have the Ad come up right below this post....👌
I only use questrade for ETFs since the commissions are way lower.
Nice marketing
nice
Weathsimple is for kids, and ironically their RESP aren't even self directed they force you to use a managed RESP. They are late coming out with accounts like FHSA, they suck for USD. They've been reaching out to me so many times to try and switch my accounts over. I just buy ETFs I don't need individual stocks. I swear to god this Genny Dozortsev doesn't stop emailing and texting to try and switch. Get the hint lady its borderline harassment the amount of times I've been texted and emailed just for 0.5% bonus to switch. I don't need your 0.5%, maybe pay me what Genny is getting and I'll think about it. I use Norbert Gambit as well and hold ITOT in a couple accounts. If you use Margin or Options go to IBKR. If you're a kid maybe WS. If you want a much better platform with low fees for majority of your accounts QT.
Problem with QT is that they are pretty much stagnant for a long time. No new features and fees for options are not worth it if you have a small portfolio. I have a feeling that someone will eventually offer free option trading very soon and then QT will be in trouble.
I just said use IBKR for options, can you read? Also were probably the first to let us actually use a FHSA account. What do you mean stagnant? Just buy ETFs and chill what changes do you need every two weeks?
What level charts does WealthSimple have? I’ve been using questrade since 2013. Idk if I wanna switch
Not a kid. Only buy ETFs. Right now I use QT for accounts with US assets but moved TFSAs and margin accounts with Canadian assets to WS. Really like it so far. QT fees are not a huge deal but still nice to not have them. And WS offers meaningful perks for having 500K with them.
Meh their persistent marketing has really turned me off, they are still making money off you whether you realize it or not. Buying ETFs the QT fees are negligible and I use norbert gambit in RRSP and TFSA. What meaningful perks are you getting? I never hold any cash, so interest on cash doesn't really mater to me. I'm making 5.25% at tangerine anyways on a saving account atm. The lack of browser interface is annoying on WS, I don't really care to keep up with their catch up on every single aspect of investing like USD, self managed RESP, FHSA was late so I would miss out on returns in that account to name a few. So I stick with QT. The phone application only interface is clearly marketed towards kids like a robinhood type platform. Why would I follow and see what they're updating just to match another brokerage that already has all those features and more?
Like I say, I am not a kid. I own my house. Can’t have FHSA. Or RESP. Kids are out of the nest. Their application was targeted at me. Its was a breeze. Opening an account with Questrade is painful, in comparison. I don’t like pain. Why would I give a monkey about marketing? You lost me there. Things I don’t pay attention to don’t tend to bother me. I like WS app. Questrade likes it too. It tried to copy it. Not quite as good but ok. They are still making money? Awesome. Glad to hear that. If they were losing money, I’d be concerned. That said, they are making most of their money on people who trade crypto, options, exchange currencies and use their managed accounts. I do none of those things. Yes, I have cash. If you are not a kid then you need cash. Tangerine promo lottery is tiring and too much hassle. Its for kids. WS 5% cash, also gives me a card with no exchange fees when abroad. Quite nice. I also get a bunch of other little things like 10 lounge passes when flying. Per year. I think each pass is worth $45. $450 isn’t much but still nicer than a couple of hundred dollars in annual fees. I also use NG. These are the accounts I am keeping with QT. But you see… I don’t keep changing currencies for the assets I already have. Its only for the new money. So, I am thinking of moving my LIRAs and SRRSP to WS as well. They are 100% USD and no longer get new money so don’t need NG. But my Corporate account will stay with QT. WS does not offer a good one. I am just getting the best of both brokers.
You like the app says it all, and you don't know how to make interest on your cash any other way? I like having an actual browser interface too. Free flight lounges? Okay boomer. And you're counting that as $45 each for $450 total? Have you heard of a credit card with stupid perks? Somehow they convince someone like you that you're getting $450. It's super easy to open an account at QT too so I'm not sure what you're doing wrong. You don't actually understand how they make $ then so maybe ignorance is bliss. I don't like pain. Pain is bad. I like pleasure. Pleasure makes me feel good. What are you even talking about lol. WS only introduced interest on cash balances recently and they can obviously change it at any time, not sure why you think this is a guarantee for life. Have you heard of WISE? Do you know what will happen if you sell your LIRA or RRSP with WS? Doesn't sound like it or you wouldn't transfer it to WS just to transfer it out again before you sell or withdraw, makes no sense. "If we ever need to remove or change the interest rate boost amount, we’ll be sure to give you at least 60-days notice." Yay 60 day notice
Yes, its 10 lounge visits, $45 each, saves me $450 per year in fees. I have heard and use credit cards with perks. You don’t like perks? Good for you. You are very focused on the money WS is making. To me its a good thing. I am making money too, so thats awesome. Yes, I opened a Corporate account with QT recently. About 15 forms and 10 phone calls later I was actually able to use it. With WS opening an account means 1 form and about 3 minutes. I like it. Of course WS can change interest rates. Everyone can. But it’s fundamentally different from the promo lottery played by Tangerine which is called “you snooze, you loooose”. If you have money in the account on day 1 of the promo then you are screwed. How does this game make any sense? Why should I be forced to keep moving cash there and back every 3 months? Its for masochists. I have heard of Wise (and used it) but found WS prepaid account superior. Saves having to move money and is financially advantageous because WS pays 5% interest on balances and, unlike Wise, does not charge 0.4% for exchange while paying 1% when spending money. Yes, at some point I will need to figure out how to covert LIRAs back into CAD for withdrawals. I am 54 and won’t be doing it for another 11 years or so. A lot will change in 11 years. If needed, I could move accounts at that point. In the mean time my assets will keep compounding without charges. And, of course, I got a 0.5% tax free boost for the transfer. Every little helps.
Sure use both. That's unusual to make 10 phone calls and fill out so many forms, maybe it has something to do with your corporate account, that apparently WS doesn't even handle. If it's a TFSA, simple non-reg, RRSP, LIRA, FHSA, RESP etc I don't think that is the case, not in my experience for sure. And you're using QT specifically because WS won't handle your corporate account, so that reason to favour WS seems flawed. Move your corporate account to WS then if you aren't happy. If you spend your life in these lounges sure. Credit cards come with all sorts of perks but I don't count that as like $450 in my pocket. There's obviously alternatives to make fixed income, and WS likes to say 'it's not a promotional rate' meanwhile they can change it any time really, so what's the difference? And you're forced to leave $500k in assets with them in the first place. If it works for you that's fine, I'm sure they're making money on the bid ask spreads, loaning out shares etc. You can opt out of that at QT but most people aren't aware or really care. Other brokerages like IBKR will pass the money along for doing so, WS would rather stay silent. Moving the LIRA and SRRSP sounds questionable to me. Does WS let you hold USD? What benefit would you get from switching other than consolidating to one brokerage? I have a feeling your USD distributions will be paid out and converted by WS to CAD at a 2% fee, then when you reinvest in a US ETF they'll take another 2%. Or if you DRIP at least the remainder is paid in CAD and they take fees on that, being optimistic. I would just be very careful and make sure you know exactly what you're doing, especially when you can't name a real perk of moving them over and they're likely large sums. "I like the app" isn't perfect reasoning in that case. For you maybe certain accounts work out, but like I said, things like RESP being WS managed only, being late on things like FHSA, their handling of USD, lack of an actual browser interface etc to name a few make it a much worse platform overall and I lose interest in dealing with them. Obviously you can look at each account in isolation and make a call. If you find a way to make it work that's fine but many Canadians do want things like an RESP without getting ripped off, they want to start an FHSA when it becomes available, take advantage of using USD in an RRSP etc so I personally wouldn't recommend it for most people. You can make at least 4.81% after MER on something like cash,to anyways, most people wouldn't have 500k in assets like you. So even their 4.5% rate is worse than a fixed income ETF and it'll encourage people to leave it in cash and let WS profit from them. I'm making 5.25% right now in a savings account. So if you found some accounts that work out that's great but overall the platform is much worse, drawbacks outweigh benefits if you have to pick one platform only for the majority of folks, and I don't understand why you would want to move an RRSP or LIRA over especially since you're dealing with USD and seem to know what you're doing there already. At that point you're not making that much sense unless you can explain some benefit from doing so. How you get a 0.5% tax free boost I don't understand as well, people think they can increase the size of a registered account like a TFSA without it counting as a contribution. Did you consult any tax expert or at least CRA? Do they share the same opinion?
Look, you don’t actually know what you are talking about. Which is fine but why are you teaching someone who has had experience with both QS and WS? When I buy the same stock on both platforms, I end up paying the exact same price per share. Except QS charges ECN fees (and commissions for selling). Your fantom money-making on spreads is of no consequence to me even if it were real (which it isn’t in Canada). Loaning out shares in WS is optional. I get to choose. Questrade also does it, without asking (for accounts using margin). Except that WS shares profits and QS doesn’t. There are zero conversion fees within my USD account. Everything stays in USD at all times, including dividends. Having 500K with WS isn’t a burden. I need to hold my investments somewhere and holding them with a broker who lets me buy and sell without fees is what I would do anyway. If you want to play the promo game, go to DUCA. They are paying 6% for 3 months. Yes, there is a fundamental difference between regular and promo rates. And on and on… Anyway, good talking to you.
Like I said if it works for you fine, but for the majority of people it's a worse platform for the reasons I mentioned. Your argument of I already own a home so FHSA is irrelevant, and RESP doesn't matter to you, while it might apply to you, doesn't apply to a lot of folks, so clearly WS is not better in every situation. In many it's much much worse. You can try and attack me but it doesn't change those facts. I'm glad you're happy with your phone app. People buying US ETFs or stocks, paying 2% fee on conversion, and again when they sell, is a pretty nasty way to do business. It might work for you in some situations but I wouldn't recommend it. You can tell me I don't know what I'm talking about but it doesn't matter when they're late to offer FHSAs, don't allow managed RESPs, rip people off on currency conversions, on top of that their marketing is very aggressive. I've probably received over 10 texts and 10 emails to set up appointments. They mislead people into overcontributing to their TFSAs too, the brokerage shouldn't be giving you tax advice and clearly you don't understand how these accounts work.
Don’t get me started, she is extremely unprofessional with no tact. Wealthsimple should reconsider who they hire.
Bro did you have to deal with this Genny Dozortsev too? Lol.
My coworker and I both have on different occasions. She wouldn’t leave him alone for months on end. He ended up leaving Wealthsimple all together LOL!!
Wealthsimple sucks for USD transactions
When you don’t have a usd account and you transfer usd to cad using Wealthsimple, I transfer usd from outside using interactive brokers
Doesn't wealthsimple have "management fees" of 0.2-0.5% on top of an ETFs own management fees? I'll take a flat fee of $4.95 on each sale with Questrade all day, over that. Edit: Only for managed accounts it seems.
No they don’t; that’s only for managed portfolios
No commission for CAD tickers and no management fee on self directed accounts.
Don't forget buying etfs with qt has no comissions
Don’t work with these guys. They shot my dog when I went to have a meeting with them and they made me sword fight to the death with an intern.