Wealthsimple vs Questrade

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Hi,

I have a TFSA account with Questrade, but I saw that Wealthsimple offers an account with no commission on stocks and ETF trades. Is there a catch with the no commission of Wealthsimple? Should I open another TFSA account with Wealthsimple for my future stock trades?

Thank you!

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Asked on November 9, 2020 7:19 pm
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Hi there,

Questrade is largely considered one of the best discount brokerages in Canada. Wealthsimple Trade is a new platform but from what I've read so far, it does seem like a viable alternative. I have however, heard of certain limitations of the platform. Those included, lag times on fund transfers, it is only accessible on mobile, not all account types are permitted and you can only buy CAN and U.S. stocks and ETFs. You can't do options, mutual funds or preferred shares.

My understanding is that if you are going to use it as simple investing platform, then it will work just fine. If you are a more complex investor than I'd suggest you wait.

I must say that I have not used the platform so can only go based on what I've heard to date. The best way is to find out for yourself if it meets your needs. My understanding is that there is no charge to open an account and no minimum holdings. Given this, best to try it out yourself.

Mat

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Posted by Mathieu Litalien
Answered on November 10, 2020 4:27 am