Questrade...yes Questrade will trade Crypto!!! : QuadrigaCX
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Hey Reddit! I'm Brendan Wood, one of the founders of Passiv. We make it easy for you to invest with a model portfolio like CPP, CPM, or whatever you want. Ask Me Anything! I'll be answering questions today from 2pm-5pm EST.
Hey there, I’m Brendan Wood, one of the founders of Passiv. Our mission is to help normal people manage their own investments and stop paying high MERs to banks. We do this with a web app that makes it easy to invest with a model portfolio in your own brokerage account. We don't hold your money, we don't give advice, and we don't charge absurd fees. Passiv will help you follow a model portfolio for free by giving you the trade calculations, but you can pay to unlock more advanced features like:
multi-account portfolios
one-click trades for executing the trade calculations
advanced currency handling
excluding stock picks from your balanced portfolio
Here's a demo that lets you try Passiv with a paper account, no email required! Right now we only support Questrade accounts in Canada, but we'll be everywhere by the end of the year. Backstory I learned about couch potato investing from our saviour Dan Bortolotti right here on PFC. I had some mutual funds already, so I did some math and realized that not switching would be the single most expensive mistake of my life. So I opened a Questrade account in 2015 and got to work. In 2016, I got tired of using spreadsheets to do couch potato investing. I found it hard to stay on top of investing new contributions and dividends across a few accounts, and as a software dev I just can't stand manual data entry. I almost moved to Wealthsimple, but figured I'd try one last shot. I wrote a little Python script to connect to Questrade's API and do my contribution/rebalance calculations automatically (here's the source code). Pretty simple, but it was a breath of fresh air. I told some friends about it, they wanted to try it, so I turned it into a really crappy web app. It sort of snowballed from there into our official product launch right here on PFC two years ago. The feedback and support we got from that AMA is what's driven us to keep building ever since. What's next? Canada is a small market for inexpensive software like Passiv. We need to grow in order to keep doing this. Our strongest focus is launching support for more brokerages, especially in the USA and internationally. Stay tuned in October! We are always building new features too. On our 6-month roadmap we have:
Performance reporting
Asset class support (including tax optimization features)
Read-only access for all Canadian brokerages
Conversation starters
We're based in Fredericton NB
Our full-time staff are 75% Brendans
We funded Passiv's development with bitcoin (despite not supporting crypto assets within Passiv)
All of our features were suggested by our users first
One thing to keep in mind is that I’m not a financial adviser and so the usual disclaimer applies: anything I say should not be considered financial advice. That said, hit me with your questions and I’ll answer to the best of my knowledge.
As we wait for Bitcoin Investment Trust (GBTC) to go live in the USA, I have begun checking which brokerages will allow customers to trade it. Here's what I have, so far:
Just because a brokerage has a snapshot page for GBTC does not mean that its risk managers will let you trade it. Contact any brokerage firm that you plan to open an account with, or transfer your account to, to confirm the above. This information comes from customer support representatives, and I make no warranties on its accuracy. Edit: When I contacted Fidelity, which has a snapshot page for GBTC, I was informed that the risk department will not allow trading in it. The rep at Scottrade was non-committal. According to someone below, it looks like Vanguard might be a Yes.
What is the best way to get crypto exposure in an RRSP/TFSA as of Oct 2017
I've got a bunch of dead money in my RRSP that I'd like to put to use, and I may want to utilize TFSA to hold Bitcoin-related assets tax-free. Some options: Bitcoin Tracker One (COINXBT, BITCOIN.XBT) A bitcoin ETN traded on the Stockholm exchange that tracks the price of bitcoin. 2.5% fee per year, charged daily, difficult to purchase from an international exchange, but Stockholm does qualify as an eligible exchange with the CRA. More info: https://xbtprovider.com/ Some Canadian brokerages that will execute a trade in COINXBT within an RRSP/TFSA: National Bank ($75 + $0.06/share), TD/CIBC/BMO/Scotia iTrade ($187-$250), Questrade ($195) See this reddit thread for more details Hive Blockchain Technologies (TSXV:HIVE) A crypto mining company traded on the Toronto Venture Exchange OTC Markets There are a few bitcoin tracking funds on the OTC markets (BITCF, GBTC), but these are not RRSP/TFSA eligible.
How-to & FAQ for holding Bitcoin and Ethereum in an RRSP/TFSA
A few months ago I came across a way to hold crypto in my RRSP/TFSA and have been answering questions about how to do that in comments, DM's, and Skype consults. I figured it would be helpful to put together one big comprehensive FAQ. Cryptocurrency is treated as a commodity by the CRA and you must pay capital gains taxes on any profits if held outside a TFSA. If bitcoin goes to $1m as some are predicting, the Canadian government is going to be taxing a huge windfall in capital gains taxes. BACKGROUND Bitcoin & other crypto cannot be held directly in a RRSP/TFSA, and there are no eligible ETF's in North America yet. However, the ETN COINXBT which trades on the Stockholm Stock Exchange in Sweden (Nasdaq Stockholm) is eligible. ABOUT COINXBT COINXBT holds bitcoin directly and its price per share is based on a 0.005 multiple of the current bitcoin price. For example, if the current price of bitcoin is $10000USD, a share of COINXBT will be worth $50USD (ie: $493 Swedish Kroner) Company's website and full prospectus at: https://xbtprovider.com/ Price quote / chart: https://www.bloomberg.com/quote/COINXBT:SS HOW-TO TRADE Only some Canadian brokerages allow you to trade on eligible international exchanges in your TFSA. Some do not. Typically placing trades on international exchanges online is not an option and must be made over the phone broker-assisted at a much higher cost than typical North American securities. CANADIAN BROKERS I've called pretty much every brokerage to inquire if international securities can be held in a TFSA and what the fee is to transact. You may want to call yourself to see if policies have changed, but here's a summary:
National Bank: $75 per trade + $0.06 per share (confirmed works)
TD: Fee dependent on amount traded. Up to $5K is $187, $80K would be $520 per trade (confirmed works)
CIBC: $250 minimum, based on trade amount. $50K would be about $350 to buy and $350 to sell (confirmed works)
Scotia iTrade: $250 CAD per trade CAD, unlimited shares & order size (should work)
BMO Investorline: Fee-based on total trade amount. $50K would be $325 to buy $225 to sell, $50-$60K would be $350 to buy $240 to sell (should work)
Not available, or not available in RRSP/TFSA:
Interactive Brokers, can trade it, but not in RRSP/TFSA
Questrade
Royal Bank
Credential Direct
HSBC (has access to almost every exchange other than Stockholm)
Qtrade
Virtual Brokers
FAQ's Are you sure it's legal? I'm quite sure it's illegal.
I used National Bank Direct Brokerage. The fee's came out to $75 per trade + $0.06 per share. For example, the commission for a trade I did for 885 shares of COINXBT was $75 + $53.10 for a total of $128.10. Canadian funds were used to make the purchase and there were no forex fees for converting to Swedish Kroner (SEK)
How do I make a trade once I'm ready?
Call your brokerage and say you want to place a trade on the Stockholm stock exchange. You may be forwarded to a person that specializes in that, and eventually to a broker that deals with placing order on international exchanges. Tell them the symbol to trade is COINXBT and the name of the ETN is "Bitcoin Tracker One".
How do I calculate the number of shares to trade to max out my TFSA?
The price of COINXBT is in SEK. In my case using NB I took my balance minus anticipated fees divided by the current price to see how many shares I could buy. For example: For a $10,000 TFSA, current COINXBT price = $554.77SEK (84.27CAD), would be 117 shares at a cost of $9859.59 + $82.02 commission for a total of $9941.61CAD
Market or Limit order?
The first time I placed an order for COINXBT I tried to place a limit order a little below the market price. Over the next week the price of bitcoin ran up a lot and didn't come down. I ended up buying a lot higher. Since then I've been placing limit orders slightly above the current price or just market orders so that they go through right away. I've had no issues doing it either way.
When can I trade? Is it only possible to make the trade while the Swedish market is open and the TSX are open at the same time? Or can you place the order at any time of day?
You should be able to place the trade anytime your Canadian broker is open (~9:00 - 17:30 EST). However, it the time is outside Stockholm's trading hours, it will be entered as an after-hours trade and will go live when Stockholm opens the next day. My understanding is that the Stockholm exchange closes at 5:30PM (11:30 EST). Here's a comparison of timezones showing Stockholm trading hours: https://www.worldtimebuddy.com/?qm=1&lid=2673730,6077243,5946768&h=2673730&date=2017-10-3&sln=9-18.5
Which number did you use to contact the brokerages?
XBT Provider has said they will monitor forks for 3-months and then decide what action to take. In the case of Bitcoin Cash, they sold the forked coins and distributed it as a dividend to anyone that held ETN shares on the fork date.
What about other cryptocurrencies?
An ethereum ETN was recently launched: COINETH that also trades on the Stockholm exchange. https://www.bloomberg.com/quote/COINETH:SS Other than that, I am not aware of any other eligible crypto securities that can be held in a RRSP/TFSA
How is the price of COINXBT determined?
It's based on the average price of the top 3 exchanges
Why not just buy GBTC?
GBTC is traded on the OTC exchange in the US and is not RRSP/TFSA eligible
Why can't I place a trade online myself?
For now, there are no crypto ETF's on North American exchanges. They have been in the works for years in the US, but no approvals yet. Evolve funds recently said they plan to launch a Canadian Bitcoin ETF. Trading COINXBT is a bit of a hassle, but you're getting in ahead of everyone else that are not willing to put in the time/effort. Once the Canadian/US ETF launches, it will probably be worth it to sell COINXBT and switch to the North American one which should be easy to trade online just like other ETF's.
Feedback If you've managed to get crypto into your RRSP/TFSA in any other ways than listed above please do leave a comment and I'll update the post. Thanks!
check out this post I came across HERE it seems like a solid way to go about an aggressive portfolio, take 3-4 aggressive highly volatile ETF's and 1 stableish one, and trade them off every week or 2. you can look back and see the gains up untill now. what do you guys think of this method, and leveraged ETF's? and what would be the Canadian equivelent to the ETF's that he is using here? how can I find those top scoring leveraged ETF's but for Canada? let's discuss this a bit because it really does seem like a great Idea, and with using questrade, buying / selling ETF's is free. get away from day trading, check once a week or every 2 weeks. lets discuss some options here thanks guys.
17 Years old and want to invest in Canadian company, how to go about it?
Hello i'm 17 years old and looking to invest some of my savings in a Canadian company, i have reasons behind this however i don't know how to go about buying the stocks. I have bitcoin which i am holding onto at the moment but i want to invest some money as a more long term investment as bitcoin is volatile and shouldn't be a long term investment. The stocks can only be bought from the Canadian stock exchange and i'm not familiar with how the laws work around buying stock under 18 and also being from the UK buying stocks from a oversees broker. I have heard that my parent can open an account and i can trade on my parents behalf? I believe the only online broker i could be buy the shares through would be QUESTRADE.
But when I did more active trading I used Questrade and was happy with them. I'd move crypto to them without thinking about it for a minute! level 2. 1 point · 2 years ago. Yeah. I concur, I withdrew twice and it was a breeze. believed to be Canada's largest bitcoin exchange. Currently in bankruptcy. Hundreds of millions of dollars, the Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading. Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Questrade support can be contacted through live chat and phone, as well as through a number of social media channels, such as LinkedIn, Facebook and Twitter. Safety. Safety-wise, Questrade is quite possibly the best option for Canadian traders. Final Thoughts. Questrade is a very solid trading destination, especially handy for Canadian traders. Questrade, Inc. is a registered investment dealer, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF), the benefits of which are limited to the activities undertaken by Questrade, Inc. QWM is not a member of IIROC or the CIPF. Import Questrade trades Content also available for tax entities or on our global site. To bulk import your historical trading data from Questrade to Sharesight:. 1 On the ‘Let’s get started by adding some trades’ page, select the Questrade tile from the ‘Broker & Provider Import’ tab on the right-hand side of the screen.
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