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Tag: questrade

  • Questrade secures approval to launch Canada’s newest bank – MoneySense

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    The company, however, won’t be rolling out new offerings immediately. Kholodenko said more details will be coming in the first half of next year on what’s in store, but that they haven’t ruled any categories out yet. “We’re working toward a full suite of services for Canadians.”

    Fintechs eye credibility through regulation

    The move comes as other fintech companies also push more into the banking space, including Wealthsimple Inc. which has been expanding its offerings into chequing accounts, credit cards, and mortgages as its assets under administration have grown to more than $100 billion.

    The best online brokers, ranked and compared

    Wealthsimple has grown through partnerships, including with established banks to provide deposit insurance, rather than securing its own licence, as chief executive Michael Katchen has said many times he doesn’t believe that Canada needs another bank. But Kholodenko said he thinks going the regulatory route will help overcome the reluctance some Canadians have to switching away from the Big Six banks that dominate the sector.

    “We firmly believe that Canadians need stability, and Canadians need to feel a sense of trust,” he said. “A banking licence gives us that capability to be able to show Canadians, hey, you know, this is a properly regulated entity, and you can trust us with your life savings.”

    Questrade expands its growing financial empire

    The banking licence adds to the broad suite of offerings Questrade already has, including a trust, a wealth business, an online brokerage business, as well as its robo-advisory business and consumer loans, that together count over $85 billion in assets under administration.

    “We already serve millions of Canadians,” Kholodenko said. “And we think that we can do much more for Canadians with a banking offering.”

    In April, Spanish bank Santander also secured a licence, but it has been quiet about any expansion plans. Koho Financial Inc. is also working toward securing a bank licence.

    Questrade’s banking license comes some 26 years after Kholodenko launched the company.

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  • Webull Canada Review 2024 – MoneySense

    Webull Canada Review 2024 – MoneySense

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    Is Webull available in Canada? 

    Yes. Webull Corporation, a popular Cayman Islands-owned and -operated digital brokerage, opened for business in Canada in January 2024. Prospective clients are invited to join a waitlist to set up an account at webull.ca. Like some other providers, Webull uses a waitlist to manage the pace of new client onboarding and avoid glitches. Generally after two business days, you can access the app and website with your account.

    Can you use Webull in Canada?

    The big difference between Webull Canada and the Webull version in the U.S., where it’s been operating since 2018, is the commission structure. Whereas basic trades in the U.S. are free, Webull Canada will charge $2.99 per trade for Canadian-listed stocks and USD$2.99 for stocks listed on American exchanges following a 90-day commission-free period for new clients. 

    “Canada, as a whole, is… more expensive (in the broker/dealer world) in terms of costs and fees to do business than the U.S.,” explains Michael Constantino, CEO of Webull Securities (Canada) Limited. He also noted that Webull charges commissions in most of the countries where it operates. Still, the commissions were a disappointment to a lot of Canadian investors commenting on Reddit. 

    Webull desktop vs. Webull app

    Webull has a phone app you can download via Apple’s App Store and Google Play, and the login process is easy. You get the sense it’s geared for wireless generally. You can also access your account by desktop, which boasts bigger, more readable graphics, but the pages can take a bit of time to load.

    Webull promises 24/7 support by email and phone.

    Webull trading

    Webull Canada only supports stock trading for now, not the award-winning options trading platform available stateside. (Also, cryptocurrency trading is available through a separate app called Webull Pay.) On the positive side, there are no charges for deposits and withdrawals from your Webull Canada account. The company’s clearing firm charges a fee for wire transfers, however. On margin accounts, it charges interest rates a tad below 10%.

    In addition to equity trading, Webull offers users real-time quotes and market data, more than 20 charting widgets and 60 indicators and paper trading for practice.

    Webull is a member of the Canadian Investor Protection Fund, meaning any cash or assets sitting in your account are insured in case the firm becomes insolvent.

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    Michael McCullough

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