Transfering brokers: Do I move the shares over or sell and rebuy?

Asked 4 years ago

Hey guys I need suggestions. I am currently using the Wealthsimple trading platform, almost all of my investments are US stocks, and I have fractional shares. I'm considering moving my shares over to Questrade. Just to double-check: Can I buy fractional shares on Questrade, and should I move my existing shares over? Or should I sell and buy the same shares to Questrade? Any suggestions would help. Thank you.

Transfer shares to another broker Trading platforms Buying shares Selling shares

David Hay

Tuesday, September 07, 2021

I would recommend Questrade for Your US stocks.  It is a very simple platform to use and you can transfer your stocks with ease.  The first thing you need to do is transfer your stocks from Wealthsimple over to Questrade. This should take no longer than a couple of weeks, but make sure you bear in mind you can only transfer to and from the same account type.

Andrew Moran

Wednesday, September 08, 2021

First, depending on the trading platform, there would be some promotions where the company will do the complete transfer on your behalf and pay you a bonus. This is common for new outlets that want to attract new customers.
Now, regarding your questions:
You cannot trade fractional shares on Questrade. From some of the reports, the company does not have any plans to introduce fractional share trading on its investment hub.
You do not need to sell and buy the same shares when you initiate the transfer from Wealthsimple to Questrade. All you have to do is complete the Automated Customer Account Transfer Service (ACATS) form with Questrade.
The new broker will contact the old broker, which will then confirm the transfer information. Once everything has been approved, the transfer will be completed in six business days.