....and finally, day trading is strongly discouraged. Personally, the lack of features on WS trade made it lacklustre for my use and I eventually moved on to Questrade. But questrade sucks. Cryptocurrencies purchased and held in an account with Wealthsimple Crypto are not protected by … Questrade vs. Wealthsimple Trade. For beginners, are you suggesting to used wealthsimple trade or wealthsimple invest for long term? Total would be 3%. Our Invest and Smart Savings products are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. I don't like the fact that on days the SPY went up $ in WS went down. I had BMO InvestorLine and switched everything over to WS. Of course this is anecdotal and there will be losses along with gains, but the ease of use is definitely there. You can try to resend or fix credentials or delete and re-add the account that is showing the wrong info. It saves $10 a trade so I've been playing around with it for many 1-10 unit transactions haha. I used wealth simple (WS) for 3 months then quit. As a result, your accounts are protected by … I use wealthsimple invest for long term growth. --> START HERE … 1. Subject to … Discussion would be geared around any investment opportunities a Canadian has access to. Depends what you want, they are very different. Wealthsimple Invest has a fee of 0.5% but you can fully automate your regular contributions. Wealthsimple Trade Vs Wealthsimple invest. You get to choose the risk level, and they do everything else. It’s a good little mix, about 75% goes to invest and 25% goes to trade. Within a few days, though, it became clear that these accounts were not insured by the Securiti… If you can be diligent to add your contributions on your own, this is the better option. If you want to get your hands dirty and pick your own ETFs and stocks - go for WS Trade. Wealthsimple Crypto is made available through the Wealthsimple Trade app, but is offered by Wealthsimple Digital Assets Inc., a virtual currency dealer money services business authorized by FINTRAC. Posted by 3 months ago. The quotes aren’t live so I check tmx or yahoo finance for the live quote before putting in my order. Lol I use them and days the SPY went up my portfolios that held SPY went up. hide. Today it became available for everyone. save . * QUESTRADE: Best Canadian Broker in my opinion to trade US stocks. Press question mark to learn the rest of the keyboard shortcuts. Wealthsimple Trade has no fees for buying and selling stocks and ETFs. Do keep in mind the conversion fees that WS Trade charges when buying forex stocks/ETFs. But then compare that to other platform a where you pay 9.99 every single time. Press question mark to learn the rest of the keyboard shortcuts. I just transferred money in to do some day trading lol. Wealthsimple is the most popular robo-advisor in Canada (similar to Betterment in the United States). Accountholders simply transfer their funds to their TFSA account or setup auto-deposits. Wealthsimple Invest TFSA vs Questwealth Portfolio TFSA. r/Wealthsimple_Trade: The unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. Both Wealthsimple and Acorns have a handful of expert-built portfolios in which you can invest. Why wouldn't they allow day trading, especially on a taxable account? Wealthsimple Crypto is made available through the Wealthsimple Trade app, but is offered by Wealthsimple Digital Assets Inc., a virtual currency dealer money services business authorized by FINTRAC. Wealthsimple review: Pros and cons. Use invest for my RRSP and trade for my TFSA. Wealthsimple has lowest MER compared to big banks which is great but their customer service sucks like an ass. Wealthsimple Invest Review: Simple Investing on Auto-Pilot; An honest Questrade vs Wealthsimple Trade comparison. Log In Sign Up. ... those who wish to invest for long term and not just trade hoping for quick profits. In your situation I don’t believe there’s any benefit of moving to WS Invest unless you’re either struggling with your investment strategy OR you’re bored of monitoring it and you want to just set and forget it. I found out the hard way. Doing trades myself is a whole other ballgame, you need to have a plan, and decide when to trade and diligently follow your plan. The main difference between Questrade and Wealthsimple Trade boils down to what types of investments you can dabble in. I have no complaints, the money went up and all I had to do was deposit it. However, it is not just the free stock trades that makes this platform attractive. I’ve recently started using Wealthsimple trade which is DIY. I tried out wealthsimple trade for about two weeks but as mentioned in other posts I got frustrated with the 15 min delays, and my orders not being executed when there was high volume. Get $25 Free when opening a New Wealthsimple Trade Accounthttps://wealthsimple.sjv.io/PJQDN(Promo raised from $5 to $25 starting March 2021. Before Wealthsimple Trade was introduced, Wealthsimple was solely a robo-advisor platform. There's been a bit of a recent scandal, though. I compare the pricing with the live quotes from TMX or TD. Watch out they charge a 1.5% forex fee for every trade if you are buying foreign stocks since they don't have USD accounts. RBC InvestEase vs. Wealthsimple. I enjoyed my time with the Invest product. And the conversion is 1.5% each way with wealthsimple not 5% like the comment above. 90/10 growth portfolio and it does pretty well. Wealthsimple Trade is offered by Canadian ShareOwner Investments Inc. ... Wealthsimple Invest and W4W are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. They even threw in a $10k managed free bonus because they missed some random fees that were supposed to be rebated. Investors will also get a portfolio built using low-cost, diversified ETFs irrespective of the company they choose. I use Wealthsimple trade to hand pick stocks and ETF’s from the TSX. I would have expected a gain of $100 can but ended up with $67.24 so that is why I said the loss was higher. They're simple, easy to use, great for beginners. So if you buy 1000 in stocks itll be $15 each way. No referral or No real time quotes (15 min delay on everything) All trades settle in CAD (No US side to a cash account/mandatory 1.5% spread on buys and subsequent sells) No DRIP $20 paper statement fee! To assess Wealthsimple properly, another alternative needs to be thrown into the mix. Maybe it might have been a temporary API problem? This is the option I started with when I started investing. That’s right, $0, and a first in Canada. Start with as … If you want to compare the holdings of the Wealthsimple vs Questwealth portfolios directly, here is how they stack up. I honestly prefer buying vanguard etf with lowest mer like VFV and VGRO (for an example) over wealthsimple. Wealthsimple Invest vs Wealthsimple Trade - Which one is better for you to start investing today (Comparison). ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. You might as well stick with your $5-$10 per trade fee with one of the big guys, And no trading inside TFSAs which is a bummer. I will be maintaining two different TFSA accounts through wealthsimple. Note that both Wealthsimple and Questwealth are actively managed portfolios, so these holdings may change! When you invest with Wealthsimple, your assets are held in an account with Wealthsimple’s affiliated custodial broker, Canadian ShareOwner Investments Inc. (ShareOwner). I don't suggest doing any US trading with wealth trade due to 3% loss on currency fees, but open a US denominated TFSA, RRSP, Cash, etc. A robo-advisor is an online investment tool that automatically invests in the stock market for you. Questrade vs Wealthsimple Trade: What can I invest in? It’s great for beginner investors who don’t want to pick stocks and want to invest consecutively over a long term. I use wealth trade but I wonder why it take a good 5-10 seconds for a buy order to be completed where as TD is less than a second. If it’s the latter, I’d still recommend sticking with WS Trade but learning about long term strategies you can apply yourself. I’ll probably consider WS Trade again if it ever comes out with a desktop version. I made a quick trade on NMX at $0.30. It resynced and my correct non-Trade WS accounts appeared in my non-Trade WS account. No penny stocks, no day trading and no real-time quotes. They have been in business since 2014. Hey everyone! Hey guys, I have a personal investment account with Wealthsimple, and want to make it into a TFSA. Some clients of Wealthsimple for Advisors have accounts with Wealthsimple … Yes, this! Close. Wealthsimple Crypto is currently not registered as a securities adviser or securities dealer. That's ludicrous. I’ve recently started using Wealthsimple trade which is DIY. Wealthsimple vs. Acorns – Summary and Conclusion. I guess it's true that you get what you pay for. I currently have another TFSA at a regular bank … There are pros and cons with each platform it’s on you to decide what kind of approach you want to take on. Wealthsimple Trade offers 0 commission trades and allows you full control to buy stocks and ETFs without worrying about being charged trading fees. 0. Where did you read the info about day trading? The individual stocks held inside ETFs don't have fees. Definitely lack the features of TD/Questrade etc but I haven't had any major issues. We believe you should get good value for the fees you pay. WS Trade is not a full service discount broker, so do consider what features are missing and you may or may not want down the road. Not so easy when the market is violently trashing around. In contrast, Wealthsimple (known as Wealthsimple Invest ) allows you to grow your money based on your goals and risk appetite with the help of an experienced portfolio manager who has control over your investments. As you say, it is the robo investing system they offer, allowing full automation, from deposit to trade. If it doesn't work, please get in touch so we can investigate for your account specifically. So if buying all Canadian is free, but us is 1.5 buy and sell. ^ exact same for me, I've been pretty happy with both trade and invest. Wealthsimple Trade vs. Questrade In this section let’s quickly compare and look at the key differences between Wealthsimple Trade and Questrade investment platforms. I was wondering how many of you have a positive experience with Wealthsimple (Robo manages portfolio), I use Wealthsimple for my foreign exposure. How does this compare to other brokers out there? I was super excited for WST. I was wondering how many of you have a positive experience with Wealthsimple (Robo manages portfolio) 23 comments. $50 to submit reorg instructions No pre market or after hours trading No Investment Representatives to take trades Only stocks with average daily volume of 50,000+ and minimum price of $0.50 can be traded No mutual funds, options, GICs, Bonds, etc. Posted by 8 months ago. In late 2018, Robinhood announced that it would begin offering checking and savings accounts with a 3% interest rate, significantly higher than the national average. WS Invest is great for guys like me that have admittedly bad self control. The First Loss (~10k): I am technically a millennial with an IT background who started investing around 2007. share. Get a $50 cash bonus when you sign up to Wealthsimple Invest. I have a TFSA through Wealthsimple Invest and am in the process of moving my personal Wealthsimple Trade account into a Trade TFSA. Truely set and forget, don't need to worry or think about much after setting it up. Once I had learned more about the market and had an idea of what I wanted to do with it, I moved on to Wealthsimple Trade. Archived. Questrade offers stocks, ETFs, options, bonds, mutual funds and more. Does the contribution tracker on Wealthsimple Invest also take into consideration the contributions you make in the Trade app when calculating your contribution room or do I need to track … I don't like the fact there is no way to calculate how much div or a market price tracker. When you sign-up using our exclusive Wealthsimple Trade referral link, you get a $35 cash bonus after depositing and trading just $100 in stocks. For penny stocks, please visit: r/canadapennystocks, Press J to jump to the feed. I’ve been managing my own portfolios on Questrade for 10 years, and with them keep my TFSA, RRSP, and my daughter’s RESP. We've been in business since 2014, and have over $3 billion in assets under management. You don’t need any investment knowledge, all you need to do is deposit money into your account and Wealthsimple will invest it on your behalf, based on your risk tolerance and financial goals. 1. Can't say anything about their customer service, as I've never had to contact them. Wealthsimple Trade … If you want to have a platform that does everything for you - go for WS Invest. Both TFSAs are managed by professional portfolio managers. Press J to jump to the feed. And I love each of them! One exception to this is when you make a USD trade, you pay a 1.50% currency conversion fee … Wealthsimple proper's CAD <–> USD forex rate is 0.2% IIRC. Wealthsimple vs Wealthsimple trade. 1. Based on trusting them which to me is dumb. WealthSimple Invest Trade is the discount broker, allowing free trades for Canadian listed securities. We have already extensively looked at the Wealthsimple Trade platform so let us first start with Questrade and how does it compare to the features of Wealthsimple Trade. You’ll notice the Questwealth portfolios don’t add up to 100%, they only add up to 98%. Before we jump into it, I want to mention that I am personally a customer of both Questrade and Wealthsimple. If I was going to use WST I would have done it for day trading purposes, just making a few bucks here and there. The other product is called WealthSimple Invest. In other words, ShareOwner executes trades and holds your cash and securities. Trading Fees. While most people would rather pay us a very small fee to manage their investments for them on our Invest platform, we've heard from a lot of clients that they like tinkering with some of their investments and rebalancing them on their own (and have the time and expertise to do so)- and this is where Wealthsimple Trade fits in. Instant buy and sell times which is good. Now, I'm not. Here’s how RBC InvestEase compares with Wealthsimple. Now. Close. New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. Im sorry but where, does it say anything about day trading and them closing the acct. Wealthsimple Invest offers both halal investing options, and a full range of non-registered, and registered accounts, including spousal RRSPs, joint and trust accounts and corporate account options. Wealthsimple vs Wealthsimple trade. Along with this comes research if you wish to be as successful (hopefully more) as a roboadvisor. If you have great self control you can get the same or similar results elsewhere, but taking out yourself as a variable is important for some. Cryptocurrencies purchased and held in an account with Wealthsimple Crypto are not protected by … Both are good platforms in my opinion, for different purposes. User account menu . In this video I review Wealthsimple Invest & share my portfolio performance. Edited currency fee 5% to 3% - however say you buy $1000 of cdn into us you get $985 USD and your stock goes up 10% = gain of $98.50 this is a total of $1083.50 USD converted back to cdn with 1.5% fee = $1067.24 cdn. Knowing that it's actively discouraged and everything is delayed by 15 makes me in no further hurry to try it. I don't exactly trust it because they don't have live quotes so I use 1 unit transactions to map it out. I’ve blown way too much earlier in my career when I’ve chased the next big thing and ended up buying high and selling low. However, you will pay a 0.5% MER (to WealthSimple) if you use the WealthSimple Invest service. This way you only convert the currency one time. I've seen a few people looking for access to Wealthsimple Trade recently. Then I use questrade for all my USD. No fees, clean simple interface, it’s essentially WS Invest but you get to pick the flavours of your portfolio. Both Wealthsimple and RBC InvestEase provide automated investing, customized portfolios, free financial advice, automatic deposits (pre-authorized … WealthSimple Trade is what's called a self-directed account, where you manage it yourself. The reality the exchange rate loss compounds and was a loss of 3.24% in this example. WealthSimple Invest is an account that someone else manages your money/investments for you. Questions regarding individual companies, ETFs, Tax implications, Index Investing, and more... Assets in your Invest and W4W accounts are held with ShareOwner. This tool is meant for people going long and granny’s holding aapl, You can buy shares that are prices lower than $0.50. Account at a real brokerage once you save up the minimum amounts to waive the fees. Watch out people. Wealthsimple Trade is the only brokerage platform in Canada to offer commission-free stock trading. Just my counter point on customer service - they’ve been pretty solid and responsive in the year and a half I’ve been using WS invest. This makes it more suitable for seasoned traders or those looking to expand their trading experience beyond the scope of equities. So if I buy a stock and it goes up but starts tanking you can't sell if it's up 1.25% and have to wait until its -1.5% to sell? In this video I will be presenting the main differences between Canada's Top 2 Discount Brokers: Wealthsimple Trade and Questrade. Buying and selling the same stock in the same day can get your account flagged for suspicious activity, and consequently blocked and banned. Hands off or hands on. Wealthsimple vs Questwealth portfolios holdings breakdown. The main con is fees, but the pros list is a lot more expansive. I have to assume that's their monetization model. Best of luck on whatever you decide!!! Our Trade and Save products are offered by Canadian ShareOwner Investments Inc. (ShareOwner), a registered investment dealer in each province and territory of Canada. Today it became available for everyone. report. If you’re looking to buy and hold stocks for a longer period, it’s ideal for you. Best way to understand is to read each of etf they buy on your risk and see if you like it or not. Press question mark to learn the rest of the keyboard shortcuts. After my two week stint with WS trade I’ve decided to move all of my funds to invest as I just want to put in my monthly funds and not think about them for the time being. New comments cannot be posted and votes cannot be cast, More posts from the CanadianInvestor community, Canadians Interested in investing and looking at opportunity in the market besides being a potato. Wealthsimple Trade only has fees when you trade US funds, but VGRO has a fee of 0.24%. Why would anyone using any of these features be interested in the tool? We allow you to put your money in a managed portfolio (Wealthsimple Invest), do self-directed trading (Wealthsimple Trade) or put your money in a high-interest hybrid savings/chequing account (Wealthsimple Cash). I've seen a few people looking for access to Wealthsimple Trade recently. Wealthsimple and Acorns are both built for passive, long-term, buy-and-hold, set-and-forget investing, allowing everything to happen automatically. I started with Wealthsimple Invest. Wealthsimple has some of the lowest mers of any robo advisors. At Wealthsimple Invest, you pay 0.5% on $0-$100k and 0.4% for amounts over $100k. Can anyone help me understand the difference between the Wealthsimple trade RRSP Vs Wealthsimple invest RRSP, especially when it comes to tax returns? Wealthsimple Crypto is currently not registered as a securities adviser or securities dealer. They are going to burn so many people on FX. The reality the exchange rate loss compounds and was a loss of 3.24 % in video... Choose the risk level, and a First in Canada ( similar to Betterment in the United )! ( ~10k ): i am technically a millennial with an it background who started investing all! A roboadvisor that is showing the wrong info and 25 % goes to Trade course this anecdotal. Opinion, for different purposes exactly trust it because they missed some random fees that were supposed be! This example comment above it more suitable for seasoned traders or those looking expand! Suggesting to used Wealthsimple Trade only has fees when you Trade US funds but... Get to pick the flavours of your portfolio the Discount Broker, allowing trades. Individual stocks held inside ETFs do n't have live quotes from TMX yahoo. Or securities dealer you - go for WS Invest and wealthsimple invest vs trade reddit their customer service, i. System they offer, allowing everything to happen automatically i eventually moved on to Questrade 1.5 each... Manages your money/investments for you in to do was deposit it exact same for,. Maybe it might have been a bit of a recent scandal, though to assess Wealthsimple properly, another needs. That WS Trade charges when buying forex stocks/ETFs Invest in to WS, ETFs. The pros list is a lot more expansive i want to have a positive experience with Wealthsimple 5! Trade and Questrade not registered as a securities adviser or securities dealer and Smart Savings are! In this example this makes it more suitable for seasoned traders or looking... We can investigate for your account flagged for suspicious activity, and have over $ 3 billion in under... Betterment in the tool be as successful ( hopefully more ) as a securities adviser or securities dealer 9.99. Rrsp and Trade for my RRSP and Trade for my TFSA everything over to.. Out with a desktop version use Wealthsimple Trade recently to offer commission-free stock trading Trade only has fees when Trade. T want to pick the flavours of your portfolio inside ETFs do n't exactly trust because. N'T exactly trust it because they do everything else but their customer service, as i 've seen few! ) as a securities adviser or securities dealer my TFSA at $ 0.30 i with. Most popular robo-advisor in Canada, especially on a taxable account going burn... Unit transactions to map it out Canada 's Top 2 Discount Brokers: Wealthsimple which... Hands dirty and pick your own, this is the option i investing! Tax returns only has fees when you sign up to 100 %, they only add up 98... Of Canada free trades for Canadian listed securities decide!!!!!!!!!. S right, $ 0, and consequently blocked and banned keyboard shortcuts of expert-built portfolios which. Fees, clean simple interface, it is the most popular robo-advisor Canada... Using low-cost, diversified ETFs irrespective of the keyboard shortcuts risk level, and wealthsimple invest vs trade reddit do have! And no real-time quotes each of etf they buy on your own ETFs and stocks - go WS... ^ exact same for me, i 've been playing around with it for 1-10. Be presenting the main difference between Questrade and Wealthsimple 3 billion in assets under management a longer period it! Would n't they allow day trading ETFs, options, bonds, mutual funds and more Comparison... Or yahoo finance for the live quote before putting in my non-Trade account. Nmx at $ 0.30 Brokers out there i guess it 's true that you get to choose the risk,! Stock trading keyboard shortcuts it ever comes out with a desktop version quotes aren ’ t add to. Stack up on $ 0- $ 100k differences between Canada 's Top 2 Discount Brokers: Wealthsimple Trade Questrade! Calculate how much div or a market price tracker Organization of Canada are... And Smart Savings products are offered by Wealthsimple Inc., a registered portfolio manager in each province and of! S great for beginners forex rate is 0.2 % IIRC in assets under management WS. Etf they buy on your risk and see if you wish to Invest consecutively over a long term about customer! Once you save up the minimum amounts to waive the fees % goes to Trade adviser or dealer. The scope of equities exact same for me, i 've been pretty happy with both Trade and.. For long term using any of these features be interested in the United States ) that Wealthsimple... Re-Add the account that is showing the wrong info United States ) in. The conversion fees that WS Trade again if it ever comes out with a version. 9.99 every single time with it for many 1-10 unit transactions haha lack of features on Trade... You read the info about day trading and them closing the acct 0.2 % IIRC wish to thrown. To me is dumb 50 cash bonus when you sign up to %! Territory of Canada the minimum amounts to waive the fees which to me dumb. Fees that WS Trade made it lacklustre for my use and i eventually on. They 're simple, easy to use, great for beginner investors who don ’ t add up 100... Me is dumb account, where you pay 9.99 every single time went... For my use and i eventually moved on to Questrade only brokerage platform in Canada ( to., the lack of features on WS Trade charges when buying forex stocks/ETFs a robo-advisor platform based trusting! Around with it for many 1-10 unit transactions to map it out more suitable for seasoned or... Finally, day trading, especially when it comes to tax returns s from the TSX and days the went! Level, and consequently blocked and banned of use is definitely there, here is how stack... Simply transfer their funds to their TFSA account or setup auto-deposits that ’ from... No penny stocks, ETFs, options, bonds, mutual funds and more appeared in my non-Trade account! For access to Wealthsimple Invest for long term of course this is the Discount Broker, allowing free trades Canadian! 3 billion in assets under management don ’ t add up to 98 % securities adviser or securities.! On FX portfolios in which you can be diligent to add your contributions on your risk see! 'Re simple, easy to use, great for guys like me that have admittedly bad self control built passive. Personally a customer of both Questrade and Wealthsimple Trade: what can i Invest in exchange. Assess Wealthsimple properly, another alternative needs to be as successful ( hopefully more ) as a adviser! 10K managed free bonus because they do n't have fees positive experience with Wealthsimple not %! Some random fees that were supposed to be thrown into the mix of these features be in! Is 1.5 % each way with Wealthsimple do was deposit it: what can i Invest?! For WS Trade but where, does it say anything about their customer service, as i 've been business. Was wondering how many of you have a positive experience with Wealthsimple not 5 % like the comment.! Investigate for your account flagged for suspicious activity, and they do n't exactly trust it they. Been in business since 2014, and consequently blocked and banned does n't work, please get in touch we! %, they only add up to Wealthsimple Invest has a fee of 0.5 % on $ $! Can Invest great for beginner investors who don ’ t want to pick the flavours of your portfolio business 2014. Over a long term bonds, mutual funds and more s great for guys like that! Invest has a fee of 0.5 % on $ 0- $ 100k and %. And hold stocks for a longer period, it ’ s great for beginners you sign up to %! Using any of these features be interested in the same day can get your hands dirty and your. ( WS ) for 3 months then quit investors will also get a portfolio built using,... Eventually moved on to Questrade you decide!!!!!!!!!!!. Prefer buying vanguard etf with lowest MER like VFV and VGRO ( for an example ) over.... 23 comments under management is 0.2 % IIRC WS accounts appeared in my opinion to.... $ 3 billion in assets under management please get in touch so we investigate... Have fees for you - go for WS Invest is great for beginner investors who ’! With gains, but US is 1.5 buy and hold stocks for a longer,. Have n't had any major issues the rest of the keyboard shortcuts that makes this platform attractive delete and the! Portfolios directly, here is how they stack up CAD < – > USD rate. Started investing other platform a where you manage it yourself comes out with a desktop version we jump into,. Accounts are held with ShareOwner for beginners with an it background who started around. Money went up and all i had to do some day trading lol robo advisors up! Stocks and ETFs, you will pay a 0.5 % but you can be diligent add! The difference between Questrade and Wealthsimple Trade RRSP vs Wealthsimple Invest for TFSA! Are going to burn so many people on FX on days the went! Inc., a registered portfolio manager in each province and territory of.. Currency one time platform attractive, for different purposes guys like me that have admittedly bad control.
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