tell us about your move to new brokerage

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the suspense is killing me. Tell us about the new brokerage you are moving to.
I have RRSP and RESP with Questrade.
RRSP and TFSA with Wealthsimple.
TFSA with IBKR.

looking to consolidate in future .

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Asked on May 10, 2021 2:44 pm
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I was originally with QTrade as they are partnered with my CU but recently moved my TFSA to WS. The transfer cost was fully reimbursed, as a newer investor it just seemed to make more sense for me right now. I either needed to make x number of trades a quarter or maintain x amount ($25k I think) to avoid account fees. I decided that I was better off using WS to build up my portfolio value over the next couple years sans commission and account fees. Once I've built a solid portfolio, if WS hasn't improved much by then, I imagine I'll be switching back but for now it meets all of my needs. The reporting is shitty but a combination of Yahoo finance and Excel has been sufficient

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Posted by Travis Phillips
Answered on May 11, 2021 9:04 am
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Yeah, commissions have very little influence on any decision I make with a brokerage. Took me 4+ hours sometimes with Questrade to perform Norbert's Gambit. Plus, because they charge ECN fees (Qtrade does not) I was paying $50 to trade GDNP. Absolutely ridiculous.

Plus, Questrade wanted $90 a month for level 2 data. Qtrade? It's included. If you're under 30, Qtrade drops to $7.75 a trade. If you have more than $500k, $6.95. And I haven't even gotten to all the extra tools they offer over the likes of Wealthsimple, Questrade etc.

To be honest, depending on the amount of shares you're trading, it can get cheaper. For example, if you're buying more than 800 shares of something, it becomes cheaper to use Qtrade over Questrade, as it's flat fee vs 0.01 a share to $9.95 max.

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Posted by Dan Kent
Answered on May 10, 2021 3:21 pm
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Haha! We recently partnered with them, so we need full marketing approval before we can release the video. If not, we would have released it already.

The brokerage is Qtrade. Hands down the best brokerage in the country in my opinion. The tools they have, the functionality of their platform. You'll see it all in the video. Or, you can have a look at the written review here:

https://www.stocktrades.ca/qtrade-review/

And keep in mind, this isn't a promotional stunt or anything. It actually all started because we wanted to do a series of brokerage reviews on our blog end. I reached out looking for people who had used Qtrade and a few got back to me and I did an in-depth review of the platform. I ended up moving all my accounts over shortly after I wrote the review, and then Qtrade saw the review and reached out wanting to work together.

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Posted by Dan Kent
Answered on May 10, 2021 3:06 pm