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Today I'll cover my upgraded thoughts and evaluation on the Wealthsimple Brokerage platform. I just transferred my account from Questrade to Wealthsimple and I'll talk about why!
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WealthSimple still doesn’t have RDSP despite saying that it is looking closely at this possibility for 5+ years! WealthSimple could house up to 70k in grants (dependent on contribution, similar to RESP but maximum $7200) and up to 20k in bonds (dependent on income amount) alone, no brainer if they were all in a managed account with fees they can receive🙄
Agree. It’s a deal breaker.
I’d think about switching if they had RDSPs, don’t know why they are so slow to adopt it.
Who cares..
When will Blossom get a web portal?
Is wealthsimple safe? I see that they are CIPF insured, but if it comes to that it’s gonna be annoying and will take a long time to get the money back. With regards to CDIC, they say they put your money in CDIC-insured accounts. Isn’t that like saying if I give you money and you put it into TD bank, that I’m also covered under CDIC? How’s the government regulation of WS compared to big 6 banks? Any hesitation with giving your money to a private company as opposed to a public one?
Wealthsimple is owned by power corporation Of Canada, a giant public company that owns some of the big Canadian insurance companies. You’ll be fine
WS is a member of CIPF . Visit their website and see its coverage. I believe it covers up to $1 Million
certified financial institutions in Canada are pretty safe.
They are pretty much as safe as the banks at this point, as well as covered under CDIC
Great review
I have both. Each has its strenghts
Questions I would like to invest into usa stocks . Buy fractional share or dollar cost average. Which one is good for that when it comes to commission? Is it worth paying 10 dollars a month if your actively buy and selling with wealthsimple or quest trade since they 4 to 5 dollar every time you buy or sell ?????
Wealthsimple is 0 commission on every trade. Questrade doesn’t have fractional shares option either so definitely go with WS
Waiting for Wealthsimple to come out with a better trading platform.
They also have 1% rebate event going on right now. So if you transfer $10,000 you can get $100 in 12 month installment. Never saw any banks doing this
Dropped Questrade for IBKR
Babe wake up a new Beavo video dropped!!
I have an “F Series” mutual fund with a large capital gain I wouldn’t want to sell. Do you know if WS or other brokers would allow an in-kind transfer of it onto their platforms? My understanding is that most don’t because they want trailing commissions on funds.
No, they don’t allow mutual funds
Mutual funds are a scam
hey gang! i’m 22 and just started investing at the start of this month. I currently just have a TFSA, but am still curious about starting an RRSP or an FHSA, should I do all 3? or just limit it to 2 max?
it’s a confusing game to play😅
also any general investing advice would be helpful, im trying to really get as much info as possible from people who have/are doing this for a while
If you don’t like seeking alpha what do you use? thanks.
WS is the best. Congrats on the full conversion.
I just did today after looking at some videos! Can’t wait til my TFSA gets moved over (:
Wealthsimple is more user friendly for new investors and you pay way less fees.
ibkr can be difficult at times but it’s my favourite for US trades. I’m with NBDB for Canadian trades but Wealthsimple will be about the same.
You didn’t mention the tax tool as well. Very useful and free at Wealthsimple. We used it for the past 3 years now and like it. Also, the cash account has a much bigger CDIC insurance of $500.000.
Tried both, prefer TD. I have to pay $10 a trade, oh well. The interface is way better and I can move money around between investments and bank account instantly, not in best part of a week as I found with the others.
as a single person in my 20s, ws has more than enough features.