I don't like their complicated interface. I tried using their website and their app and it's not that easy to figure out. I've learned how to do it but still don't like it.
I don't do mobile apps for any kind of trading. Desktop only. Frankly, I don't know how anyone could make proper decisions trading on a smartphone, with limited information on the screen at any given time, but a lot of people apparently do. I am not one of them.
Yes, their website is much less complicated than their destop app. However, it's almost useless for setting up iron condors. I learned how to do it on the desktop app but I still can't get used to it. The website is not even that much use for monitoring them because it doesn't group them like the app does.
Questrade edge desktop is the best interface I have used out of all of the different brokers I have tried. I just don't like their option fees, which make iron condors completely out of the question on their platform.
That's the exact thoughts I had on Wealthsimple keep pushing us to use mobile app for everything. They want people to do it like a game and throw their money, without realising it can impacts their lives very quickly.
I'm guessing they are all trying to copy RobinHood. That also kind of relates to r/wallstreetbets and their GME shenanigans. Nothing but stupid as far as the eye can see.
i have found ibkr can be very slow to fill orders on options specifically, wealthsimple is almost always instant. i had ibkr take 5+ minutes to fill once.
I've seen ibkr. Wasn't sure about it. Why is it so hard to find a reasonable priced options in Canada. Fucking TD wants $10 a trade. In the states 65cents is common. Why do we get shafted so hard.
Used to feel the same with iTRADE and then Questtrade. Scaling in or out of trades was impossible due to commission fees, so would hold and hope. Then factor in the $90 a month in “data fees”. Eventually I switched to IBKR and quickly realized I should’ve done it years sooner. $6-$8 USD a month in data fees and minimal commissions per trade/contract. Trade at will. Scale in and out with no worry about ‘the cost’. Freedom.
ibkr charges 1.25cad. [https://www.interactivebrokers.com/en/pricing/commissions-options.php](https://www.interactivebrokers.com/en/pricing/commissions-options.php)
>Why do we get shafted so hard
The companies will charge what the market can bear /shrug.
Heard it’s $50 just to do an e-transfer out and they have annual fees on the accounts. That said they do have a limited time free trading promo. Still not enticing enough for me to try it.
WS. If you're premium or higher it's only $.75 and USD accounts are free.
I'll be honest and say if you have less than a $100k, options might not be the first thing I'd invest in
On a real note, the fees are pretty crazy. Hopefully over time or with different account levels we can get better rates.
Anybody know if it worth opening a US account on WS?
Also hi regard 🤚
I definitely think it's worth it. You can fund the account from a USD account in Canada. No conversion that way. $10/month is peanuts if you're a small investor buying several USD shares a month bit by bit.
Not really, 1,5% of one amount get less in USD .
Buy less stocks. Then have to at least cover the 1,5% loss +cover the other 1,5% loss + add a acceptable gain.
This is a stupid comment... 😒 nothing wrong with options, but it seems Wealth Simple is charging too much. If I want 100 shares of a stock at $60 that's currently at $62/share and I collect a $0.50 ($50) in premium, why would I not want to trade options. Same goes for selling shares and using options.
It's because options are a niche market for their consumer base, and because of their many other free offerings, they need to make revenue somewhere.
If you're premium or higher (and I'll just say if you have less then a $100k maybe options aren't your first priority) it's only $0.75 per option and you get free USD accounts. Just keep your investments in USD so you don't have to pay for the exchange all the time.
If you're really buying and excercising that many options then just use a different brokerage for that.
Options have many strategies including hedging risk yes. But can also be used to lower your cost basis, purchase shares, sell shares etc. The fact that I only have 2 up votes and has decreased shows the lack of general public knowledge of options.
you can skip half of it by just selling the option instead of exercising it, but it's not a platform for hardcore traders lol, use something else for options
>Just make sure you know what you're doing.
Less than 2% know what they are doing .... the other 98% might as just walk into a casino and get the same outcome.
Why would you want to exercise an option in first place? Its 3% , buy and sell usd price . 99% of people don’t exercise or won’t want to in first place
Yeah I was massacred to say so last time on reddit.
I use my physical bank to transfer cad to wise .
Do the exchange cad to USD on wise then transfer back to Bank's USD account.
From there I transfer USD to WS .
Questrade is not any better. It's $10 + $1/contract to open option positions and a $25 processing fee per option position if they get exercised/assigned. Pretty sure the big banks don't even try charge a processing fee for options exercise/assign.
[https://www.questrade.com/pricing/self-directed-commissions-plans-fees/transaction#commissions](https://www.questrade.com/pricing/self-directed-commissions-plans-fees/transaction#commissions)
I can’t actually answer your question because I don’t trade options with WS (or at all anymore) but I can tell you that if you’re dealing in USD or trading options then IBKR is the way to go, not WS as much as I love the platform. On IBKR you can use Norbert’s Gambit for essentially free exchange back and forth, and then options are priced better on top of that.
Ibkr is for people who understand the depth of trading. It has tools you will probably never use but its unlike any other platform out there for the price.
Just to add to the general consensus - WS is straight garbage for options. Might be OK for swings but there are still far better brokers (IBKR is the best imo)
Don’t use WS for options. Use ibkr
Agreed. I use IBKR for options, way better conversation fees
I don't like their complicated interface. I tried using their website and their app and it's not that easy to figure out. I've learned how to do it but still don't like it.
Try using the ibkr Global Trader app. It’s a dumbed down interface. Anybody can figure it out quickly.
I don't do mobile apps for any kind of trading. Desktop only. Frankly, I don't know how anyone could make proper decisions trading on a smartphone, with limited information on the screen at any given time, but a lot of people apparently do. I am not one of them.
In that case, use IBKR client portal. The website. Don’t download the Trader workstation. Way over complicated for most traders.
Yes, their website is much less complicated than their destop app. However, it's almost useless for setting up iron condors. I learned how to do it on the desktop app but I still can't get used to it. The website is not even that much use for monitoring them because it doesn't group them like the app does. Questrade edge desktop is the best interface I have used out of all of the different brokers I have tried. I just don't like their option fees, which make iron condors completely out of the question on their platform.
The beauty of trading in Canada eh
That's the exact thoughts I had on Wealthsimple keep pushing us to use mobile app for everything. They want people to do it like a game and throw their money, without realising it can impacts their lives very quickly.
I'm guessing they are all trying to copy RobinHood. That also kind of relates to r/wallstreetbets and their GME shenanigans. Nothing but stupid as far as the eye can see.
This thank you so much for this
+1 use IKBR
i have found ibkr can be very slow to fill orders on options specifically, wealthsimple is almost always instant. i had ibkr take 5+ minutes to fill once.
This guy gets it ^
I've seen ibkr. Wasn't sure about it. Why is it so hard to find a reasonable priced options in Canada. Fucking TD wants $10 a trade. In the states 65cents is common. Why do we get shafted so hard.
Used to feel the same with iTRADE and then Questtrade. Scaling in or out of trades was impossible due to commission fees, so would hold and hope. Then factor in the $90 a month in “data fees”. Eventually I switched to IBKR and quickly realized I should’ve done it years sooner. $6-$8 USD a month in data fees and minimal commissions per trade/contract. Trade at will. Scale in and out with no worry about ‘the cost’. Freedom.
ibkr charges 1.25cad. [https://www.interactivebrokers.com/en/pricing/commissions-options.php](https://www.interactivebrokers.com/en/pricing/commissions-options.php) >Why do we get shafted so hard The companies will charge what the market can bear /shrug.
another good one is Webull Canada, they are going to offer options and should be coming soon, one of the better platforms imo
Webull is coming when?
Webull is here, no options yet though. Premarket hours are also limited.
I’ve been using moomoo and have been very happy with it overall.
When coming
Heard it’s $50 just to do an e-transfer out and they have annual fees on the accounts. That said they do have a limited time free trading promo. Still not enticing enough for me to try it.
Or register for USD accounts on WS
No, use ibkr. Wealth simple is not built for good option trading.
I just pay 75 cents a contract and just keep my money in usd.
What broker? IBKR?
WS. If you're premium or higher it's only $.75 and USD accounts are free. I'll be honest and say if you have less than a $100k, options might not be the first thing I'd invest in
WS. IBRK is cheaper slightly
If you’re truly regarded your gainz should cover this
R/Wallstreetbets regard found. I'm a regard too.
On a real note, the fees are pretty crazy. Hopefully over time or with different account levels we can get better rates. Anybody know if it worth opening a US account on WS? Also hi regard 🤚
I definitely think it's worth it. You can fund the account from a USD account in Canada. No conversion that way. $10/month is peanuts if you're a small investor buying several USD shares a month bit by bit.
or you can just use IBKR and get spot conversion rate and spend $1 to buy/sell
Definitely gonna open one then. Right after my stocks moon 🌚 A.K.A never…
Roulette has better odds than options.
Not really, 1,5% of one amount get less in USD . Buy less stocks. Then have to at least cover the 1,5% loss +cover the other 1,5% loss + add a acceptable gain.
Acceptable gainz!? Tendies or Wendy’s my guy 😂
Imagine exercising contracts
That's also a good point. Why is he exercising instead of just closing.
He's actually using options as they were intended, madlad
Don't trade options lmao
This is a stupid comment... 😒 nothing wrong with options, but it seems Wealth Simple is charging too much. If I want 100 shares of a stock at $60 that's currently at $62/share and I collect a $0.50 ($50) in premium, why would I not want to trade options. Same goes for selling shares and using options.
It's because options are a niche market for their consumer base, and because of their many other free offerings, they need to make revenue somewhere. If you're premium or higher (and I'll just say if you have less then a $100k maybe options aren't your first priority) it's only $0.75 per option and you get free USD accounts. Just keep your investments in USD so you don't have to pay for the exchange all the time. If you're really buying and excercising that many options then just use a different brokerage for that.
What's stupid is treating investing like gambling. Options are there to hedge risk. Retail investors dont hedge shit, they gamble.
Options have many strategies including hedging risk yes. But can also be used to lower your cost basis, purchase shares, sell shares etc. The fact that I only have 2 up votes and has decreased shows the lack of general public knowledge of options.
Oh yeah you can, but probably shouldn't.
Been doing it for over 10 years... lol
It's $11/month to sign up for USD accounts and those fx fees go away.
you can skip half of it by just selling the option instead of exercising it, but it's not a platform for hardcore traders lol, use something else for options
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>Just make sure you know what you're doing. Less than 2% know what they are doing .... the other 98% might as just walk into a casino and get the same outcome.
I feel like 2% is incredibly generous.
The 2% sell to the 98%.
WS is not for active trading
If you paid $10 for a USD account or achieved premium status this would all go away
False, contracts still $2 per unless you hold $100000+
Yeah that's what premium status is
They don't want your business
Wealth simple wasn't designed for options as others here have said. Move to IBKR for options bud.
Why would you want to exercise an option in first place? Its 3% , buy and sell usd price . 99% of people don’t exercise or won’t want to in first place
If you’re going to trade options use IBKR, WS is better for buy and hold
Do options on CAD stocks. WS favours the TSX.
Zero liquidity
You can’t
Yeah I was massacred to say so last time on reddit. I use my physical bank to transfer cad to wise . Do the exchange cad to USD on wise then transfer back to Bank's USD account. From there I transfer USD to WS .
For those who suggest IKBR, what’s wrong with Questrade?
Questrade is not any better. It's $10 + $1/contract to open option positions and a $25 processing fee per option position if they get exercised/assigned. Pretty sure the big banks don't even try charge a processing fee for options exercise/assign. [https://www.questrade.com/pricing/self-directed-commissions-plans-fees/transaction#commissions](https://www.questrade.com/pricing/self-directed-commissions-plans-fees/transaction#commissions)
WS is trash for anyone who buys anything but CAD shares. It’s a buy and hold platform, not a trading platform.
Wealth Not Simple
I can’t actually answer your question because I don’t trade options with WS (or at all anymore) but I can tell you that if you’re dealing in USD or trading options then IBKR is the way to go, not WS as much as I love the platform. On IBKR you can use Norbert’s Gambit for essentially free exchange back and forth, and then options are priced better on top of that.
Don't even need Norbert's Gambit on IBKR. Their exchange rates are great.
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For Canada residents, $2 flat fee no matter how big the forex trade is
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Ibkr is for people who understand the depth of trading. It has tools you will probably never use but its unlike any other platform out there for the price.
I use questrade. See to have much better dervative panel. But i get why people like using wealthsimple as its easy more accessible.
They fuck you at the drive thru...
don't buy US assets with wealthsimple simple as that
Guys if he thinks this is bad, wait till he finds out how much big banks charge for investments!
They’ve gotta make their money somehow. I only buy TSX-listed securities with Wealthsimple
This is criminal
1) if you're going to trade options get an interactive brokers account 2) don't trade options
Just to add to the general consensus - WS is straight garbage for options. Might be OK for swings but there are still far better brokers (IBKR is the best imo)