A Warning About Wealthsimple... | Canadian Investing 2021 скачать в хорошем качестве

A Warning About Wealthsimple... | Canadian Investing 2021

Wealthsimple Trade ($50 Bonus): https://bit.ly/WSRuss Questrade (Up to $250 Bonus) : http://bit.ly/RussellTrade ₿₿ $10 Free Bitcoin with BlockFi ₿₿ http://bit.ly/BFcanada | Buy Crypto in Canada (+$25 Bonus): https://bit.ly/CaCrypto | Canada's CashApp (+$5 Free): https://bit.ly/RussellCash --- Become an OFFICIAL MEMBER of the channel:    / @russellmatthews   (or JOIN Button) Start Investing (+$10 Bonus): https://my.wealthsimple.com/app/publi... Buy Cryptocurrencies (+$20 Bonus): https://bitbuy.ca/sign-up?c=TCATMF7MP Protect your Crypto: https://shop.ledger.com/pages/ledger-... Join our DISCORD Server to Discuss and Ask Questions:   / discord   Become a FREE subscriber: https://bit.ly/3jcltCp Instagram:   / askrussell   For business or one-on-one investing/real estate agent consulting inquiries, or to work with Russell to purchase or sell property in the Greater Toronto Area, contact via this email address: russell@askrussell.ca Microphone: https://amzn.to/36weYHT Camera: https://amzn.to/2OrTh4U Audio Interface: https://amzn.to/3nKt5Qj Studio Lights: https://amzn.to/34Qa7z4 Headphones: https://amzn.to/30Q9vrF --- 0:00 Intro 1:10 The Problem 7:50 The Solution ⚠ #Wealthsimple #CanadaInvesting #Questrade⚠ And full disclosure, I DO use Wealthsimple for a portion of my portfolio, and generally like the company, and I always love when more companies like this open up in Canada, creating jobs for Canadians in the financial tech industry. So I’m not just slamming it - this is what you need to know if you already are using Wealthsimple, or are trying to decide whether or not to sign up It has to do with Fees - and whenever a company offers something for free, it’s best to take a closer look to see how they’re actually making their money. Not a big deal, most brokerages charge a fee on the conversion of currency. The problem is with something called the ‘currency settlement’. As of right now, they don’t allow you to sell your US stocks, and keep the funds in US dollars. Instead, every time you sell or buy a US stock, the 1.5% currency conversion fee is charged. This is how Wealthsimple trade makes their money. Because you can only hold CAD in your account. Anytime you interact with a US or foreign stock, wealthsimple is able to collect this 1.5% fee on the entire value of the transaction, whether sell or buy. Now don’t get me wrong, Wealthsimple is a great brokerage, and if you only intend to invest in Canadian stocks, or Exchange Traded Funds, Wealthsimple is pretty hard to beat, with zero commissions or fees on these transactions. It’s a great way for people to get started investing, because it is by far the most user friendly and intuitive platform - by miles. But it can be a gateway For most people, I recommend simply sticking to an etf strategy, so that you don’t have to put in the time and energy to research individual stocks. But if you make the decision that you do want to buy US stocks, and plan on occasionally selling, or rebalancing your portfolio, I wouldn’t always recommend WS. Questrade allows you to settle your transactions in USD. This means their currency conversion fee of 2% only applies when you decide you want to convert your USD to CAD. While this fee is half a percentage higher than wealthsimple, in most cases, especially if you plan to be even remotely active with your US stocks, the higher fee is worth it, to not have to pay the fee every time. --- End Music Credit: www.bensound.com DISCLAIMER: This video is intended to be used for entertainment purposes only, and is not to be interpreted as advice, financial, investing, legal or otherwise. Any decision or action made by any viewer of this video is entirely at the discretion of that individual. Russell Matthews does not warrant or represent that any information is accurate. This description contains affiliate links, and if you purchase an item, a portion of the sale will go towards supporting the channel, at no additional cost to you.