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buying stock in small amounts?

crazyea

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May 15, 2012
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1,229
Location
Surrey, BC
I got wealthsimple, and I'll be the devils advocate here. I hate it with a passion. I cant transfer money between invest and trade or vice versa, I have to withdraw and redeposit. I put some money in and I cant do anything except for $250. That is unless I pay them $3/m for premium. I have linked my bank account, and they take my money right away, but why a 5 day hold? To stop fraud? Ok fine. But if I want to make a purchase when its low and then sell when its high, I cant really as everything is end of day. Fine. But then they hold the money I get after the sale is processed for another 5 days. So to get around this I need to have excess money sitting idle in my account.

I think cibc is probably a better choice for me, even if I have to sit on hold for an hour just to add money to my mutual fund. But it usually only takes the day and not 5.

Oh, and it's not really that cheap. They take their money when you sell. So Investors edge may take $6.95 up front, but wealthsimple is taking their management fee after the sale.


Summary: Maybe this type of investment is not for me.
 

JD

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Jul 16, 2007
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Toronto, ON
I don't think you are really supposed to buy/sell on the Invest app like that, it's not meant as a "day trading" account. It's supposed to be long-term savings, and their fees are pretty high unless you have over $100k in it. It's supposed to be a set-and-forget account though as it's a Robo Advisor.

The Trade app, I'll agree, the $250 limit is annoying, even if you were to buy Premium, the limit still is "low" at $1k. My buy/sells are processed nearly instantly though, especially if its a market sell/buy. Even my limit orders usually are pretty quick since I just set it +/- a few bucks of current market price. Also no fees that I'm aware of on CAD assets, only USD ones do.

To me, it sounds like you should be buying/selling ETF's on Trade and not using Invest at all?
 

crazyea

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Joined
May 15, 2012
Messages
1,229
Location
Surrey, BC
I’m not trading on the invest. It’s not possible. It’s more like a mutual fund. But if I put money in a savings on the invest side why cant I transfer funds to the trade account? That’s my irritation.

The trade side holding my money for 5 days on deposit and sales is annoying.

Anyway it’s obvious I didn’t really know enough about it and trading in general before I put my money in.

Now I have to wait another week to put my money back into cibc. lol
 

FreeKnight

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Jul 8, 2009
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3,036
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Edmonton, AB
I don't think you are really supposed to buy/sell on the Invest app like that, it's not meant as a "day trading" account. It's supposed to be long-term savings, and their fees are pretty high unless you have over $100k in it. It's supposed to be a set-and-forget account though as it's a Robo Advisor.

The Trade app, I'll agree, the $250 limit is annoying, even if you were to buy Premium, the limit still is "low" at $1k. My buy/sells are processed nearly instantly though, especially if its a market sell/buy. Even my limit orders usually are pretty quick since I just set it +/- a few bucks of current market price. Also no fees that I'm aware of on CAD assets, only USD ones do.

To me, it sounds like you should be buying/selling ETF's on Trade and not using Invest at all?
That's exactly it. Your typical robo-investor account isn't structured for regluar in/out activity. It's very much a 'set it and forget' approach. Regular contributions are easy but they all seem to have a 2+ working day delay for processing.
If you're regularly moving funds in and out a normal day trading account is almost certainly going to be better.
 

crazyea

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Joined
May 15, 2012
Messages
1,229
Location
Surrey, BC
That's exactly it. Your typical robo-investor account isn't structured for regluar in/out activity. It's very much a 'set it and forget' approach. Regular contributions are easy but they all seem to have a 2+ working day delay for processing.
If you're regularly moving funds in and out a normal day trading account is almost certainly going to be better.
Do you recommend one?
 

FreeKnight

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Location
Edmonton, AB
Do you recommend one?
I used questrade back in the day, but I haven't kept up with who's charging what for fees. QT did take a few days to transfer cash to your QT account back then, but once in, you could buy and sell very quickly. I'd see what reddit's personalfinancecanada sub has for info or see if the 'Canadian couch potato' investor site has a recommendation.

And never take stock advice from articles from the Motley fool, it's a notorious pump and dump site.
 

gingerbee

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Joined
Jan 22, 2009
Messages
8,327
Location
Orillia, Ontario
So its not stocks but doesn anyone have anyhting into crypto cause I am thinking about grabbing some dogecoin just as a gamble kinda thing you know drop $500 into it if it turns into something then great if it dies a slow death oh well.

So I have been looking at dogecoin core and wonder if anyone know if its a good way to go cause the way it works sounds good to me like the whole c part of your chain in on your pc so backing up the data you need is easy. thanks for any and all info
 

belgolas

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May 9, 2007
Messages
4,332
Location
St. Thomas, Ontario
So its not stocks but doesn anyone have anyhting into crypto cause I am thinking about grabbing some dogecoin just as a gamble kinda thing you know drop $500 into it if it turns into something then great if it dies a slow death oh well.

So I have been looking at dogecoin core and wonder if anyone know if its a good way to go cause the way it works sounds good to me like the whole c part of your chain in on your pc so backing up the data you need is easy. thanks for any and all info
I bought doge coin on Wealthsimple. Funnily enough it is currently my most profitable crypto purchase. Though that changes rapidly but it is something I am just holding for a long time. Most of my crypto has recovered from the crash except for bitcoin. Tough it is only currently at a 5% loss.
 

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