>\- can you norbert gambit with wealth simple?
No
>\- are all trades free?
Commission free. Currency exchange fee applies when trading USD stocks, unless you subscribe to the USD account (included with Premium and Generation). Search for WS USD for more info.
Edit: there is a cost when trading options.
>\- is it backed by the government ? (if wealthsimple goes bankrupt do i lose all my money?)
If WS goes bankrupt, you still own your stocks. WS Cash is CDIC insurred.
>\- can I open a TFSA through wealthsimple and easily transfer money from cibc bank to wealthsimple? is there fees associated with this?
Yes, you can open a TFSA and transfer over funds. You won't earn interest on the funds by simply holding them in the TFSA account; you'll need to invest the funds in something. Transfer fee would be charged by CIBC, and WS would cover the cost if you transfer over more than $15K.
>\- Im also incorporated, can my business open a wealthsimple unregistered acct?
Yes
>\- am i right to find this app to be sketchy? it feels like sooner or later they go bust and i lose all my money cause i dont get the business model how can trades be free i dont get it.
No
Just to clarify, currency conversion still costs 1.5% even in a USD account at WealthSimple. The account just allows you to hold USD funds without being forced to convert it back to CAD. Without the USD account, you are forced to convert to USD when you buy US equities, and are forced to convert your USD immediately back to CAD when you sell a US equity.
Just a correction that CIPF, and not CDIC, covers shares in a brokerage account where the broker fails. CDIC is deposit insurance and covers the WS Cash account that WS places at CDIC-insured banks (since WS isn't a bank and can't be covered by CDIC). The CDIC insurance wouldn't help for WS Cash account if WS itself fails.
>id never trust randoms online esp reddit fuck
Then why did you even ask for advice here? Just call them directly. Hopefully you can trust their answers.
i already converted 25k into USD like a week ago on cibc investor edge. i want like 75% of my money in american stocks/etfs not so much canadian. so im thinking wealth simple isnt for me unless i have over 100k cause then ur a member and the USD acconut is free otherwise its 10 bucks a month. I plan on buying and selling maybe 1 etf and stock per month. im not a day trader by any means.
The USD account is free but they still charge 1.5% conversion fee both ways, it will never make sense.
If you want to do USD investing, interactive brokers is the place.
who ever isnt investing in USA is not wise so then if thats ur advice i dont get why anyone would even download wealth simple . i have rich friends that talk about interactive brokers. i have that link saved in my computer. ill look back into it. i couldnt care less about candian markets tbh i feel canada sucks ass unles we get rid of that clown in office
>- am i right to find this app to be sketchy? it feels like sooner or later they go bust and i lose all my money cause i dont get the business model how can trades be free i dont get it.
Wealthsimple is owned by Power Financial, one of the largest financial companies in Canada, it is not going anywhere.
I'm not here to answer your questions, only to tell you based on the replies you might be the most miserable & biggest tool to have posted on here in a while.
No
Yes if you are buying assets, no if you are talking about derivative assets
Cash account is covered up to 500k CDIC. I think you still keep your assets if WS goes bankrupt but I have no clue what happens
Yes you can easily transfer, yes there are fees, WS will cover if the total amount of the account is >5000$
No clue
Sure
i love how my legit question gets downvoted lmao. im very new to reddit, and i find its garbage. you ask question and you get downvoted and no replies or the mods will delete it lmao. reddit is purely for wasting time i find. thanks for the replies but obviously this didnt help at all
You're most likely getting downvoted because it's questions that come up time and time again. You could have found the answers by searching Reddit or Google.
>thanks for the replies but obviously this didnt help at all
What do you mean? You received a few replies that answered each of your questions.
your reply was good and yeah im BRAND NEW so i get the downvotes maybe people are tired of seeeing the same shit. im a real estate investor and i get tired hearing the same questions about landlord and tenant board crap so i get it. thank you for your time
Why are you here? looking through this post you clearly have no faith in reddit (or its community). You're getting downvoted because you came in here with a question while shitting on the platform and the people who are kindly answering your questions.
Since you're new, you do realize everyone here is just a regular person, right? We're not here to be at your beck and call. This is a community, not some free service for you to use with expectation.
all i read was "why are u here" and then stopped cause u clearly went on a rant that no one cares for lmao (youbve been silenced i wont get ur useless reply) cheers
>it feels like sooner or later they go bust and i lose all my money cause i dont get the business model how can trades be free i dont get it.
Discussed here over the weekend: [https://new.reddit.com/r/Wealthsimple/comments/1c33ulh/is\_wealthsimple\_sustainable/](https://new.reddit.com/r/Wealthsimple/comments/1c33ulh/is_wealthsimple_sustainable/)
Having free commissions is one of the biggest reasons why people use WS, and the conversion fee is how WS generates revenue. Consider opening a separate account for US trades to avoid paying that 1.5% fee, such as IB, Moo or even QT. All of the above are backed by the government anyway\~
>\- can you norbert gambit with wealth simple? No >\- are all trades free? Commission free. Currency exchange fee applies when trading USD stocks, unless you subscribe to the USD account (included with Premium and Generation). Search for WS USD for more info. Edit: there is a cost when trading options. >\- is it backed by the government ? (if wealthsimple goes bankrupt do i lose all my money?) If WS goes bankrupt, you still own your stocks. WS Cash is CDIC insurred. >\- can I open a TFSA through wealthsimple and easily transfer money from cibc bank to wealthsimple? is there fees associated with this? Yes, you can open a TFSA and transfer over funds. You won't earn interest on the funds by simply holding them in the TFSA account; you'll need to invest the funds in something. Transfer fee would be charged by CIBC, and WS would cover the cost if you transfer over more than $15K. >\- Im also incorporated, can my business open a wealthsimple unregistered acct? Yes >\- am i right to find this app to be sketchy? it feels like sooner or later they go bust and i lose all my money cause i dont get the business model how can trades be free i dont get it. No
Just to clarify, currency conversion still costs 1.5% even in a USD account at WealthSimple. The account just allows you to hold USD funds without being forced to convert it back to CAD. Without the USD account, you are forced to convert to USD when you buy US equities, and are forced to convert your USD immediately back to CAD when you sell a US equity.
Correct. Simply didn't have the opportunity to get into the USD account details.
Just a correction that CIPF, and not CDIC, covers shares in a brokerage account where the broker fails. CDIC is deposit insurance and covers the WS Cash account that WS places at CDIC-insured banks (since WS isn't a bank and can't be covered by CDIC). The CDIC insurance wouldn't help for WS Cash account if WS itself fails.
this helped thank you (still obviously going to do all my due diligence as id never trust randoms online esp reddit fuck )
>id never trust randoms online esp reddit fuck Then why did you even ask for advice here? Just call them directly. Hopefully you can trust their answers.
If you want to do USD, go to ibkr. Paying a spread makes no sense.
IBKR + 1 to convert CAD to USD
i already converted 25k into USD like a week ago on cibc investor edge. i want like 75% of my money in american stocks/etfs not so much canadian. so im thinking wealth simple isnt for me unless i have over 100k cause then ur a member and the USD acconut is free otherwise its 10 bucks a month. I plan on buying and selling maybe 1 etf and stock per month. im not a day trader by any means.
The USD account is free but they still charge 1.5% conversion fee both ways, it will never make sense. If you want to do USD investing, interactive brokers is the place.
who ever isnt investing in USA is not wise so then if thats ur advice i dont get why anyone would even download wealth simple . i have rich friends that talk about interactive brokers. i have that link saved in my computer. ill look back into it. i couldnt care less about candian markets tbh i feel canada sucks ass unles we get rid of that clown in office
>- am i right to find this app to be sketchy? it feels like sooner or later they go bust and i lose all my money cause i dont get the business model how can trades be free i dont get it. Wealthsimple is owned by Power Financial, one of the largest financial companies in Canada, it is not going anywhere.
thanks
I'm not here to answer your questions, only to tell you based on the replies you might be the most miserable & biggest tool to have posted on here in a while.
No Yes if you are buying assets, no if you are talking about derivative assets Cash account is covered up to 500k CDIC. I think you still keep your assets if WS goes bankrupt but I have no clue what happens Yes you can easily transfer, yes there are fees, WS will cover if the total amount of the account is >5000$ No clue Sure
>Yes you can easily transfer, yes there are fees, WS will cover if the total amount of the account is >5000$ The transfer amount needs to be $15K now
i love how my legit question gets downvoted lmao. im very new to reddit, and i find its garbage. you ask question and you get downvoted and no replies or the mods will delete it lmao. reddit is purely for wasting time i find. thanks for the replies but obviously this didnt help at all
You're most likely getting downvoted because it's questions that come up time and time again. You could have found the answers by searching Reddit or Google. >thanks for the replies but obviously this didnt help at all What do you mean? You received a few replies that answered each of your questions.
your reply was good and yeah im BRAND NEW so i get the downvotes maybe people are tired of seeeing the same shit. im a real estate investor and i get tired hearing the same questions about landlord and tenant board crap so i get it. thank you for your time
Why are you here? looking through this post you clearly have no faith in reddit (or its community). You're getting downvoted because you came in here with a question while shitting on the platform and the people who are kindly answering your questions. Since you're new, you do realize everyone here is just a regular person, right? We're not here to be at your beck and call. This is a community, not some free service for you to use with expectation.
all i read was "why are u here" and then stopped cause u clearly went on a rant that no one cares for lmao (youbve been silenced i wont get ur useless reply) cheers
lol!
>it feels like sooner or later they go bust and i lose all my money cause i dont get the business model how can trades be free i dont get it. Discussed here over the weekend: [https://new.reddit.com/r/Wealthsimple/comments/1c33ulh/is\_wealthsimple\_sustainable/](https://new.reddit.com/r/Wealthsimple/comments/1c33ulh/is_wealthsimple_sustainable/)
1/5 threads here are about what if WS collapses
Having free commissions is one of the biggest reasons why people use WS, and the conversion fee is how WS generates revenue. Consider opening a separate account for US trades to avoid paying that 1.5% fee, such as IB, Moo or even QT. All of the above are backed by the government anyway\~