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/biz/ - Business & Finance

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26696635 No.26696635 [Reply] [Original]

canada fags what platform do you guys use to trade?
is InteractiveBrokers really the best?

>> No.26697398

>>26696635
questrade is bad

>> No.26697710

TFSA WebBroker lol

>> No.26697821

>>26696635
I trade with inserting dildos in my fucking ass niggas

>> No.26698379

>>26696635
InteractiveBrokers has the lowest commissions, but sometimes when the market is volatile, the trading platform freezes.

>> No.26698690

Wealthsimple you maple faggot

>> No.26699106

I use wealthsimple but it's pretty basicbitch and fucks up a lot.

>> No.26699486

>>26696635
this>>26698690

>> No.26699574
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26699574

>>26697398
I've heard they charge you a total of 3%for usd exchange.
>>26698379
I trade to create an account, margin asks me for 20k..
>>26698690
>>26699106
>>26699486
Withholds funds for 3 days, can't do this.

>> No.26699648

>>26699106
>it's pretty basicbitch
As in easy to use or lacking quality of life features?

>> No.26699813

>>26696635
CAME HERE TO ASK THIS

If I have $500 and want to buy USA stocks to hold for short term gains.

Interactive Brokers is the best right? A lot of people seem to use wealthsimple but dont they charge 3% every time to trade burger stocks? How will these IB maintence/idle fees fuck me?

>> No.26699962

>>26699648
Easy to use, but you will wait 3 days to have your funds added. Ride the Tiger, we've only just started.

>> No.26700346

>>26699648
Both, can't short or use leverage but it is super easy to use.

>> No.26700504

>>26696635
i trade when niggers tongue my anus

>> No.26700809

To all of my Wealthsimple bros just joining the fight and bummed out about the 3 day wait. Put in your shekels and wait. We will have more memes happening in the following weeks. You'll get your chance. I recommend at least 4 digit deposits into your account.

>> No.26701223

Canadafag here. I saw another maple syrup on WSB trading from a TFSA who got warned that CRA could get on his ass about it later if they wanted to argue he was trading professionally.

My bank offers a US dollar TFSA that "hold stocks" though:

https://www.scotiaitrade.com/en/direct-investing-and-online-trading/investment-types/registered-account/us-friendly.html

What does it all mean? How much can a TFSA interact with the stock market before the CRA take issue?

>> No.26701229

wealthsimple but it is cucked by 15 min delay and very bad interface to look at charts and data. easy to set up though.

>> No.26701516

>>26696635
Scotia iTrade has been pretty good in the past but it went down for a couple hours this morning so use at your own risk.
How is banking IT infrastructure this bad. Maybe we should've adopted XRP after all.

>> No.26701933

wealthsimple brehs, why must we wait 3 days? any other platform that doesnt require any minimums or take cuts with no wait time?

>> No.26702465

>>26701223
The way I understand it, the more you are day trading the higher likelihood the CRA will take a closer look. If you are not making many actions in a single day, you are probably ok. Probably decided on a case by case basis however.

>> No.26702687
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26702687

I just use TD bank and RBC. I hate wealthsimple because their ads are turbo cringe.

>> No.26702915

>>26696635
I use questrade

>>26697398
is there a better alternative? What's bad about it? I asked before, anons said questrade had better fees

>> No.26703192

>>26699813
IB charges $10 minimum per month (via commission fees, deduct from your account if you did not generate $10 in commission fees)

>> No.26703675

>>26699106
same, td jews me way too hard on fees, and questrade just fucking sucks and is always lagging out or breaking. Wish this shit country had easier licensing/regulation and allowed low commission brokers like robinhood or etorro to serve Canadian customers. Im getting pretty sick of the oligopoly the banks have on our finances here.

Were pretty much only allowed to play half the game without getting absolutely fucking raped by fees

>> No.26703926
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26703926

>>26700809
>tfw dirt poor and the extent of your economic knowledge is from Mann Co. keys

>> No.26705083

>>26701223
They can be ambiguous about it and fuck you over

>> No.26705874

>>26705083
typical

>> No.26706332

>>26703192
Yea but compared to WS and the 3% I'd get taxed every time I move money, isn't the $10 /month fee on IB cheaper for short term traders?

>> No.26706412

After studying this thread, I can see there is no solid consensus on which is the best leafland trading platform

I'm thinking of just trading through my bank, cibc. Can anyone tell me the benefits/drawbacks of using a big bank's (scotia, bmo, td, whatever) trading services?

>> No.26706924

>>26706412
$10 per transaction fees fuck you hard if you're just starting out and not willing to make $1K+ plays

>> No.26707039

>>26702687
Can TD be set up in a single day? I already have a chequing account with them and I’m looking for a way around Wealthsimple’s 3 day holding period

>> No.26707086

I am trying to open a questrade account and it give me like 4 options. Margin, tfsa, rsp and forex & cfds. Which one do I choose that’s appropriate for meme bull market shit?

>> No.26707153

>>26699574
kinda looks like my sister

>> No.26707446

>>26707086
Don't go TFSA, CRA'll fuck you up if you do short-term trading in them. They're meant for long plays. Just make a margin account.

Also go Wealthsimple if you aren't retarded

>> No.26707689

>>26706924
$10 per transaction, is that really a lot? Because I'm planning on making just one purchase (unless I'm completely misunderstanding the term 'transaction')

>> No.26707878

just go through your bank

>> No.26707962

>>26707446
>welthsimple
but muh 3 days though? I don't want to miss the AMC window right now while its below $20 still.

>> No.26708265

>>26696635
I use Q trade, for what it is it's fine.

>> No.26708431

>>26707446
Why does the CRA will fuck him up if he uses a TFSA account?

>> No.26708655

>>26708431
https://www.fool.ca/2020/03/11/2-common-tfsa-mistakes-and-how-to-avoid-them/

>>26707962
If AMC is really the next big mob target you won't be too late. It's up to you obv

>> No.26709433

>>26707689
compared to the $0 on other platforms yes, but other places like questrade and wealthsimple charge an additional ~1.25% forex both coming and going if you buy USD tickers so they get you there
pick your poison really
also questrade and wealthsimple were both down a lot longer than my bank's investment platform this morning
ultimately it's picking your poison

>> No.26709635

Psst, for anyone signing up with wealthsimple, if you use a referral code you get an extra $10.

Here's mine: https://my.wealthsimple.com/app/public/trade-referral-signup?code=GMN_IG

>> No.26709716

>>26709433
>mfw i forget to delete my earlier line and have the same metaphor twice
yeah i know i'm a fucking boomer, it takes enough of my limited alzheimers brain trying to keep up with you kids

>> No.26709747

>>26708655
>https://www.fool.ca/2020/03/11/2-common-tfsa-mistakes-and-how-to-avoid-them/
Thank you anon, good to know

>> No.26710149

For Wealthsimple I opened a personal account and a TFSA, which should I add funds to?

>> No.26710227

>>26709433
I see. Thx for the knowledge. However, I think I'll just go with the $10 fee via cibc, being that don't intend on day trading at all, and what's $20 (for what I'm hoping to be a decent earning)

But if these trading specific platforms are less reliable than the banks', then I think I've definitely made my decision

>> No.26710373

pls, delete all these tards from topic
they still try to give with shitty coins and shill everywhere their referral links
I am not a retard to take part in this fake
Why should I do it if I have base on my wallet and last month there were only profitable rebases

>> No.26710408

>>26700809
I'm not going in on GME, but all this got me motivated to actually open a WS account. I'm now waiting on my 2K to settle. Not going to FOMO all over this, rather just take it easy and be (mostly) prudent going forward.

>> No.26710550

>>26710149
If you're unlikely to max out contribs, TFSA.

>> No.26710807

>>26708655
As long as you're not making like 10+ trades a day and not swinging massive amounts of money around, you're not going to be picked up by the CRA. buying a stock for a week and selling it is definitely fine

>> No.26710893

>>26696635
Wealthsimple will be objectively best once they add options, but until then IBKR I guess? I just use Wealthsimple because options scare me

>> No.26710928

>>26710149
how much are you adding?

>> No.26711117

pls, delete all these tards from topic
they still try to give with shitty coins and shill everywhere their referral links
I am not a retard to take part in this fake
Why should I do it if I have base on my wallet and last month there were only profitable rebases

>> No.26711192

Can I buy US stocks like GME through a Candian TSFA or do I have to turn it into US cash first?

From what I heard there's a 15% fee for buying US stocks without US cash and that sounds like ass.

>> No.26711394
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26711394

>>26707039
Nope just talked to them on the phone here in Canada, takes around 3 days, same for simplewealth.

Maybe IB is better, simply bc they don charge you everytime you BUY or SELL ( which is what TD does).
And also thy have options.

I tried to set an account a margin acct with IB but it wouldn't let me.

>> No.26712076
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26712076

>>26710893
Any idea when will they add them?

>> No.26712324
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26712324

>>26696635
bros we'll grow stronger, didn't even care about stonks till all of this and now i know about wealthsimple

>> No.26712347

>>26712076
They won't - at least not anytime soon since it's not on their roadmap

>> No.26712351

anyone use RBC direct investing?

>> No.26712620

If I live in canada but have some american money in paypal couldn't I just use a USA broker?

>> No.26712826

>>26712351
I already asked. Same as TD, free account but it charges you 10$ to buy or sell actions.
The only difference is if they make you wait 3 days to open up an account like TD.
>>26712620
No, USA broker will ask you for a SSN aka your Social #.

>> No.26712859

>>26711192
Isn't that on dividends? Capital gains isn't taxed, except in your home country.

>> No.26712944

Td interact when i did stocks. Easy to use and worth the fee.
But im in crypto now and use uniswap and coinberry to buy eth.

>> No.26713051

>>26701933
Platform is an investing one, not a trade one, even though they call the app "Trade".
They officially say the 3 day hold is to reduce fraud risk.

>> No.26713417

>>26699813
There's a 1.5% conversion fee on WS when you buy foreign stocks. Haven't seen anything about 3%. But if you're looking for short term gains, you'll need to wait 3 days with WS, so use something else

>> No.26713622

>>26697398
questrade is good if you don't want to pay taxes by using a TFSA trading account. Just don't go over your contribution room

>> No.26713745

>>26713417
1.5% in + 1.5% out = 3% haircut overall

>> No.26713770

>>26713622
but this is strictly for stocks and ETFs. No options/shorts

>> No.26713985

>>26713770
I use questtrade for options, although they charge out the ass for commission so you need to make big trades

>> No.26714308

>>26699574
If you're going to be a queer who can't wait 3 days then fuck off
>>26707153
What's her @?

>> No.26714777

>>26696635
for crypto I use newton. I like it.

>> No.26715755

>muh 3 days

Isnt this only an issue once? The first time you ever add funds will be a pain because of a 3 day long FOMO, but once your gambling money is in your brokerage account, you can trade it around (almost) instantly.

Sounds like they all have a 3 day wait anyways.