Currently with itrade, thinking of switching to Wealthsimple Good idea??

On Sept 1 they are offering free trades as part of their ultimate bank account package when you have a scotiaitrade account.

The only issue I have with wealthsimple is their security is not as robust as itrade. Itrade has multiple levels to ensure any transactions are authorized. Initial 2fa then a secondary password to authorize any other transactions.

If youre an active trader WS is a no brainer, its been my primary bank for about a year now, its integration with other banks and financial services like PayPal is poor(or non existent) but if those things dont matter to you and you ise only interac mostly WS is plenty.

ragnar0829 said:

Been with itrade for years, not bad but $10 each trade can add up over time

Wealthsimple is offering 1% cash paid over 24 installments to switch (about $9250 for me) plus no fee trading and high interest accounts to park money while deciding where to invest, 0$ fee to transfer, they will cover any fees and transfer my entire portfolio in kind so I don't have to convert to cash first

Called itrade and asked what they would do to keep me and......................................................since I an an existing customer....................................absolutely nothing, if I was a new customer then they would make an offer,like WTF???

Anyway, any advice here, reviews on Wealth simple seem good but looking for people who actually use or have used it for a review

Click to expand...

Back a year ago Webull had a 2% offer with a lockup of 16 months. I got in on that.

Wealthsimple currently has a 3% offer over 24 months for an active trader account, you have to make atleast 50 trades a month.

I think TD currently has 2% for registered accounts and 1% for non reg.

I been with WS, for over 5 years now complains.
They are always adding new products, and I pay no fees to trade on the tsx.

No fees on CAD stocks for me on Questrade. Small charges on US and Int'l equity trading.

itrade has no commision on a lot of US ETF's.

been With them two years, no issues and seem very innovative. I’m not an active trader so I can’t speak to that. I keep getting hit for “conversations“ with their wealth managers so they do make an effort.

I've used Questrade (RRSP) and Wealthsimple (TFSA) with no issues for the last three or so years. I don't make enough for a non-registered "play money" account as my "play money" is spent on on SPs.

HungSowel said:

Back a year ago Webull had a 2% offer with a lockup of 16 months. I got in on that.

Wealthsimple currently has a 3% offer over 24 months for an active trader account, you have to make atleast 50 trades a month.

I think TD currently has 2% for registered accounts and 1% for non reg.

Click to expand...

Yes there are the "bring your porfolio over and we give 3% cash to a max of 15K if you stay for 2 years places"

No catch that I can see but if you have no room in registered account it is taxed at highest rate in cash account and so are any returns on it once you cash it out

My calculations are the max they will give me is $15k which sounds like a lot but after taxes I will have exactly ghat same 15k after ten years accounting for return minus inflation or 9.2k after 2 years holding period as they pay out gradually over 2 years because I pay taxes on the income and taxes on the money made once I cash out minus inflation


But you need .5 million to transfer and if you have that much $ is it worth it?

Step-by-Step Calculation (2-Year Hold)


Total "free money" after 2 years (nominal): The $9,593 is the after-tax value of your invested bonus. If we compare this to the **$8,250** you started with, your net gain is approximately $1,343 in nominal dollars.

Inflation Adjustment (Real Value)
To find the value in today's purchasing power, we discount the nominal amount by inflation. The Bank of Canada projects inflation to be around 2.3% in 2026, easing toward the 2% target in 2027.







Assuming $9,220 free money on $500,000 switch over 2 years holding period :

• Total return = 9,220/500,000=1.844%9,220/500,000=1.844%
• Simple annualized = 1.844%/2=0.922%1.844%/2=0.922% per year
• Compound annualized / CAGR = (1.01844)1/2−1≈0.9178%(1.01844)1/2−1≈0.9178% per year

So the annualized return is about 0.92% per year.


so is it worth it? i say yes if you can put it in registered account but I have no room so i cannot so is it still worth it? The move makes me 9K free money over 2 years but I have .5 million so 9K can be one day swing in the market still that is good money for a few hours
of paperwork

In my opinion, you can’t go wrong with Wealthsimple. I’ve been using it exclusively for a couple of years love it and they’re always adding new products Services.

ragnar0829 said:

Been with itrade for years, not bad but $10 each trade can add up over time

Wealthsimple is offering 1% cash paid over 24 installments to switch (about $9250 for me) plus no fee trading and high interest accounts to park money while deciding where to invest, 0$ fee to transfer, they will cover any fees and transfer my entire portfolio in kind so I don't have to convert to cash first

Called itrade and asked what they would do to keep me and......................................................since I an an existing customer....................................absolutely nothing, if I was a new customer then they would make an offer,like WTF???

Anyway, any advice here, reviews on Wealth simple seem good but looking for people who actually use or have used it for a review

Click to expand...

I opened a WS account 13 months ago, have a margin, RSP and Visa card. The app has everything anyone would need an probably the best AI support I've used for financial
companies. I mainly trade US stocks, US options and CAD ETF's ( based on US names ). Have a few bucks of crypto in Kraken that I've been thinking of transferring in, but Kraken is pretty legit and have staking on the alt coins that I trade. Last 2 months on WS I did over 300 trades, I guess a few day trades. Just re-learning basic options and putting on trades and
seeing them live helps a lot. WS site, I give it a 9 out of 10. Two months ago they reached out to me and asked me to speak at one of their seminars but I was out of town in Lost Wages.