Questrade Vs Wealthsimple Trade A Real User Review » Tawcan

On 15 Oct. 2022 a charge was pulled from my bank account for a further 6 months’ subscription, which I didn’t want. So, J2T doesn’t really focus on any particular product type, they are distributing their effort across many markets. It would generally lead to users having a lot of variety, but not much depth. In this instance, it might be true in comparison to the specifically Forex brokers or specifically stock brokers. It’s more of the more prominent and interesting features of Just2Trade.

I’ve used them for the last 9 months with they’re great. They’re Canadian, I have full Level 2 access, all the charts and indicators I want, and cost is only $0.75/trade! Way cheaper than Questrade and far more features than the free WealthSimple Trade . Start by checking if the broker you’re interested in has a minimum investment requirement, and compare that with how much you can afford to invest. Get a $50 bonus for each new Qtrade account you open and fund, up to $150! Use promocode ‘BONUS150’ with our exclusive link by June 30, 2023.

Trading and Investment Tools

No annual fee is charged for TFSAs or RESPs no matter your balance. Wealthsimple Trade does not support margin trading or options trading. This means that you cannot short stocks with Wealthsimple Trade. However, you can open registered accounts such as TFSAs, RRSPs, LIRAs, and RESPs with Wealthsimple. For example, Interactive Broker’s snapshot data costs $0.01 per data request for NYSE and NASDAQ and $0.03 per data request for all other markets, with $1.00 of data quotes being free every month.

• As I said to Jeremy, the platform is built for basic trading needs.
• EVERY time you do a foreign trade it will convert it, so you will pay 1.5% when you BUY the foreign stock.
• If you don’t trade often and have a large portfolio, TD’s $10 per trade is manageable.
• I am leaning towards Questrade because Wealthsimple doesn’t have DRIPS and Qtrade has a high minimum balance or a requirement to contribute $50 monthly.

A desktop version has been rolled out as of January 2021. Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc. and is a member of the Canadian Investor’s Protection Fund which protects accounts up to $1,000,000 against insolvency. Wealthsimple Trade will reimburse any transfer fees on transfers larger than $5,000. The bid price is the what you’re likely to get if you’re selling the stock or ETF. The ask price is the price you are likely to get if you’re buying the stock or ETF. Once you have the stock or ETF profile up on your screen, simply tap the ‘Buy’ or ‘Sell’ button.

RBC Direct Investing – 2nd Best Mobile App (After Qtrade)

Support staff and representatives is almost certainly one of those areas. If your trading needs are such that you need a faster response or the ability to speak with your broker on the phone, well then go with a one of the major banks, TD/RBC. But, you’ll pay more fees to receive the support it seems you want. It is unrealistic to expect WS to offer TD/RBC levels of customer support at a considerably lower price point. If they did that they wouldn’t be in business for long.

Well, overall I think https://forex-reviews.org/ is the best discount broker to use. Questrade offers a lot of features that can be valuable for novice and experienced investors. I really appreciate the ability to enroll in DRIP, hold both USD and CAD cash in my accounts, to be able to trade on the desktop, and the quick one business day funding. Questrade removed the inactivity fees so you aren’t forced to make trades regularly. They offer equities, ETFs, mutual funds, options, GICs, bonds, and IPOs.

About Wealthsimple Trade

This might be an attractive option for those who are new to investing, but it could be unnecessary for experienced traders. Keep in mind that some online brokers update stock trading quotes in real-time, but others have a lag, which could be problematic for high-volume traders, like day traders. An online stock broker, often called a discount brokerage in Canada, is a software platform that lets you access the stock market yourself. Instead of paying someone to give you investment advice and make trades for you, you are usually responsible for making all your trades independently. The platform makes money via a 1.5% currency conversion fee.

Reports from research centres on mutual funds, bonds, preferred stocks and ETFs are obviously also available. Wealthsimple’s back office will send the request to TD Direct’s back office, sell the mutual funds, and send a cheque to Wealthsimple to fund your accounts. Thanks for this excellent article, Robb, and for updating it to include the fact that Wealth Simple Trade now offers a desktop trading platform as of January 2021. Now, enter the number of shares you wish to purchase. You’ll see the current price of that security, the estimated cost, and how much you have available to trade. Remember that Wealthsimple Trade does not show real-time quotes – there’s a 15-minute delay in the market information.

While all online brokers offer such tools, CI Direct Trading’s tools sometimes stand out from the crowd. Questrade has long been known as the top discount brokerage in Canada due to its low fee structure, free ETF purchases, and stock trading for as low as $4.95. Questrade has also been around the block for 20+ years and built a solid reputation for its robust platform, market research, and customer service. Wealthsimple Trade is Canada’s first and only zero-commission trading platform. In this Wealthsimple Trade review I’ll explain how you can buy AND sell from among the thousands of stocks and ETFs listed on North American exchanges without paying any fees. While Questrade is overall the best discount broker to use, Canadian investors shouldn’t ignore Wealthsimple Trade.

It is an algorithm that makes all the mundane trading decisions (i.e. open position, close position, wait, buy more, and so forth). These robots are pretty effective, and you can leave them on their own and just go do something else, but it’s better to keep at least one eye on what they’re doing. MetaTrader 5 – an equally intuitive platform with more tools and fewer problems in comparison to MT4, but also with less modifying potential. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.

National Bank Direct Brokerage: Customer Service

But the 1.5% currency conversion fees can quickly add up. In other words, you can’t utilize Norbert’s Gambit with Wealthsimple Trade to convert CAD to USD cheaply. Some online brokers might also offer a combination of autonomous trading with personalized advice from investing experts, akin to working with a full-service broker.

The PowerTrader Pro desktop application, which was previously only available to institutional investors, can be added at a cost of US $250 per month. This gives you access to the platform’s diverse range of trading tools. 1.5% on the purchase and sale of US-listed stocks or ETFs. Purchase $50,000 in USD stock and then sell that stock for $55,000, that is $1575 in foreign exchange fees! I guess WS is hoping new clients who may be buying in smaller dollar amounts won’t notice as much.

Wealthsimple Trade is the best commission-free trading platform in Canada and the only discount brokerage in Canada where you can buy and sell stocks, ETFs, and cryptocurrency for free. Clients can open an RRSP, TFSA, or non-registered account without paying any fees. This online brokerage offers a seamless sign-up process and intuitive UX and has no account fees, minimums, or paperwork.

The best just2trade forex broker platforms have low or no fees, no minimum account balance requirement, and offer a wide variety of markets. Bank brokerages typically charge $9.95 per stock trade, but you can get discounted or even commission-free trades with some online brokerages. WS charges no trade fees and thus they have to save money somewhere.

The Wealthsimple Trade interface is quite simple and its stock analysis tools are less in-depth than what other online brokers offer. It also doesn’t offer a full array of U.S. and Canadian ETFs and stocks, though the selection is still impressive and sufficient for the average DIY investor. Additionally, Wealthsimple’s no-frills approach might be beneficial for those who are relatively new to online stock trading, as they won’t be overwhelmed by an intricate interface. But more advanced traders might feel limited by the information the platform provides. RBC Direct Investing is an online investing service offered by Royal Bank of Canada . Easy transfers to and from RBC bank accounts make this a convenient way for RBC clients to invest in a wide range of Canadian and U.S. securities, including stocks, bonds, GICs, mutual funds and ETFs.