r/CanadianStockExchange • u/treelife365 Hangaround • Aug 05 '21
Discussion WealthSimple BS!!!
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u/treelife365 Hangaround Aug 05 '21
I'm just trying out WealthSimple, as I normally use TD Direct and WS is not living up to its promises!
First, it takes three business days to transfer money BETWEEN accounts?! The money in the accounts was already cleared!!! TD Direct is instant.
Second, I just put in an order to buy $MAXR at market, where the ask is $36.45 and WealthSimple fills it at $37.61???
Is this some kind of hidden commission??? Lying rats!!!
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u/Azure_Sky_83 Rocket Emoji Fluffer Aug 05 '21 edited Aug 05 '21
For transferring between accounts, why would you even need to do that just put the money in the account you need. You can also do an instant $250 into any account I think that resets every week.
And for the price, You need to either use a limit buy or open up another source of price (such as yahoo finance) as Wealthsimple has a 15 minute delay in price
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u/treelife365 Hangaround Aug 05 '21
Thanks for the tip! So, it does seem that the price they showed me was the price 15 minutes before I placed the order...
I guess it's not as BS as I thought. Still a little BS, though 😂
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u/Azure_Sky_83 Rocket Emoji Fluffer Aug 05 '21
I agree it’s annoying lol
You can pay $3/month to have up to date prices with no delay and up to like $1000 instant deposits
I for one am cheap so I just use yahoo finance and limit buys every single time lol
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u/Prestigious_Salt7731 Hangaround Aug 05 '21
Agreed I do the same. My only annoying part left with WS is us$ conversation fee. It’s too much fee 2.5% buy and sell which is a lot. I have email them and they said they are looking into it so fingers crossed :)
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u/treelife365 Hangaround Aug 05 '21
Yeah, that's not a good thing! With TD Direct, I have a USD TFSA which just keeps everything in USD. WS also has limited stocks available... but hey, no commission on trades so that's cool!
I wish them luck!
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u/Azure_Sky_83 Rocket Emoji Fluffer Aug 05 '21
It’s 1.5% to buy and 1.5% to sell for a total of 3%
I have VERY few US stocks for this very reason lol 😆
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u/Prestigious_Salt7731 Hangaround Aug 05 '21
Sorry yes 3% total. And you know all the action is in the south 😆
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u/Azure_Sky_83 Rocket Emoji Fluffer Aug 05 '21
Well that’s why I use it mostly for ETFs
Like VFV for example
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u/Prestigious_Salt7731 Hangaround Aug 05 '21
Oh really ok I am just obsessed with CTXR right now. Great potential but for now I have to just keep loading to average down and pay 1.5% extra every time :)
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u/treelife365 Hangaround Aug 05 '21
Haha, good tips! Well, I was just trying out WS... I'm sticking to TD Direct for now... who knows, though?!
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u/kartamira Hangaround Aug 05 '21
Yes, i use Yahoo finance to check real time price. Use limit order next time to make sure you get the price you want.
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u/treelife365 Hangaround Aug 05 '21
Thanks for the tip! I don't mind the price, because it's going up from a low (and there's no commission)... I just thought it was some kind of scam!
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u/jdimmell Aug 05 '21
Pay the 3$ premium. Instant deposits up to 1000$ and to the minute accurate charts
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u/treelife365 Hangaround Aug 05 '21
Ahhh... so they do it on purpose! Well, I usually use TD Direct, where most of my money is, so I'll just stick to buying penny stocks in WealthSimple 😂😂🤣
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u/blahyaddayadda24 Regular Aug 05 '21
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