U.S. STOCKS

0
0

I recently sold my Enbridge USD holdings in my CIBC Wood Gundy Account (too much uncertainty and has done nothing for me in almost 5 years except pay a reliable dividend) and was charged a commission of USD $241 (which I am questioning). It is becoming increasing evident that the traditional full service brokerage no longer meets my needs. I prefer to converse with you guys and invest online. That $241 USD represents 43 trades on InvestorΒ΄s Edge. I have done very well investing online in the 10 months that I have been a member. But a significant chunk of my holding with Wood Gundy in my investment account are US stocks, AT&T, VZ, HHU healthcare, SQNS and WM. I know you much prefer Canadian telecoms and Telus is a foundation stock but I have done better than that with VZ and the dividend from AT&T has been great. I spend a lot of time in Ecuador which uses the USD and hence I have put USD dividends to good use.. Enough preamble!! My question to you is what is the best online system/brokerage to invest in US stocks. Or with the USD weakening and the advantages to me of USD dividends diminishing, would you put your money in Canadian stocks. I am almost 80 years old. My strategy is to have a certain value of stocks which I will try to maintain (I have that now) and leave that to my wife and daughter when I die and spent the rest here in South America to have fun and to help people who are desperate to have what we Canadians take for granted – food, water, clothes, shelter..

Marked as spam
Asked on May 8, 2021 12:38 pm
4 views
0
Private answer

Thank you Dan.

Marked as spam
Posted by Dan Kent
Answered on May 10, 2021 9:19 am
0
Private answer

Hey there! That is unfortunate. You're not the first person I've heard of that has paid exorbitant fees at full service brokerages. I know many of people who have left them over the last 3-4 years because of it.

To be honest, most all brokerages besides Wealthsimple Trade will be well suited for your US stocks. I currently moved all my accounts from Questrade to Qtrade, and I'm loving it. Norberts Gambit gets me efficient USD when I want it. If you have over $500k in balances, Qtrade will drop commission to $6.95. They'll also cover all transfer fees up to $150 each account if you have over $15,000 in your account. You can check them out in the link below.

https://www.qtrade.ca/en/investor/signup.html?partner=stocktrades

However, Interactive Brokers also does present a unique situation in the fact their exchange rates are so attractive, Norbert's Gambit is rarely needed. So, you could check them out too.

Marked as spam
Posted by Dan Kent
Answered on May 10, 2021 8:47 am