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Why Do I Need a Brokerage Account?

There are numerous reasons why you might require a brokerage trading account.

For many people, security of their money is also becoming increasingly important as governments prove more threatening towards ordinary citizens and have frozen bank accounts of citizens without due process. As well, the big banks are forever exerting more influence over customer accounts and have consolidated a tremendous amount of power and control over their client's money and access to funds. For many people, this has become onerous and they are seeking to move and park money outside of the traditional tier one banking system and choose to hold their major funds in third party custodial trust accounts for safe keeping. This course was created to help you with the process of establishing such a third party investment account that can hold cash, securities, and even precious metals.

As we move through our investing lives, many opportunities will come along for us to acquire various assets such as stocks, bonds, mutual funds, and precious metals. To purchase these various assets classes, and particularly to manage registered funds (RRSP, RESP, TFSA, RPP, LIRA, etc.), we will require a registered brokerage house to administer them for us.

In Canada, there is only one authorized discount brokerage that is licensed to transact gold and silver within registered accounts - Questrade.

Here you will find the simple procedure to self register an account directly with Questrade to begin the process of precious metals investing in your registered funds portfolio.

Why Questrade?

First and foremost, to buy and sell financial securities of any kind, one must interface with a brokerage house. These come in many forms and from many suppliers, from banks to mutual fund companies to dedicated discount brokers such as Questrade.

We chose Questrade for several reasons such as: they are 100% Canadian-based; they have an A+ rating with the Better Business Bureau; they have ultralow transactions fees ($4.95 for most trades); they offer accounts of many kinds (registered, non-registered, option and margin accounts, and in USD or CAD currency); AND they are the only brokerage that has a direct interface with the precious metals dealers to buy and sell gold & silver to be sent to storage.

The other reason I chose Questrade is familiarity. I have personally been using them since early 2020 and can assist you with any questions or processes you may need over time. Should you require advice on trading, I am available for consultation to educate and assist you in making trading decisions.

Perhaps most importantly, I can help you save up to 3.5% in Foreign Exchange transaction fees using my direct connections within Questrade's ForEx office. On a $100,000 USD to CAD conversion that would be about $3500 in savings!

Take a moment to visit their site at www.questrade.com. 

What will it cost?

The short answer is NOTHING. It is FREE to create any number of accounts on Questrade. However, to fully activate a newly-created account so you can begin trading within it, you must fund the account with a minimum balance of $1000 either from a direct cash deposit from your bank account or other trading account, or you must initiate a "transfer in" of "in-kind" shares or other securities with a market value over the $1000 minimum.

In a subsequent lecture, you will learn the step-by-step process to make such a transfer-in after you have created the account.

OPENING A QUESTRADE ACCOUNT

That's great, you've decided to take charge of your money and open an account with Questrade!

The following lectures will walk you through the process step by step. If you get stuck at any point where the online help system doesn't provide you the answer, feel free to contact Coach James for assistance.

Step 1: Start Here

HOW TO OPEN A QUESTRADE ACCOUNT

Begin by clicking the Open Account button below.

CHOOSE the type of account(s) you wish to open. To learn more about each option click the View Details drop-down on each account. To see additional types of accounts, click the See more account types button.

MY RECOMMENDATION

Select the account that you plan on doing the most transactions in FIRST by choosing the +Add button. This is because you get some free trading fees only on the first account chosen when you use my promo code shown below.

1) FOR NON-REGISTERED ACCOUNTS

Most clients will need at least a non-registered Individual Margin account to move idle cash into from their bank accounts for safekeeping. These funds can also be used to purchase precious metals that will be sent to storage, or to buy and manage most paper securities including stocks. bonds, ETF's, and mutual funds. This is the most common type of account and can save the average investor substantial transaction fees compared to their existing broker.

2) FOR REGISTERED ACCOUNTS

Clients who wish to manage any registered account will need to choose the appropriate option for EACH account required. The typical client investing in precious metals through us will usually need a Tax Free Saving Account (TFSA) and a Registered Retirement Savings Plan (RRSP).

Registered accounts can be used to purchase precious metals under the umbrella protection of a tax shelter. Since there are tax consequences for contributions and/or withdrawals, registered accounts REQUIRE that the precious metals be held "in trust" by Questrade and the product cannot be held by the investor outside of these accounts, otherwise, a deemed sale and distribution will be assessed by Revenue Canada resulting in possible adverse taxable consequences. These registered account holdings MUST be sent to storage at the bonded, secured, certified, insured Brinks facility. There is a minor storage fee of 1/12% per month of the fair market spot price value.

3) OTHER ACCOUNTS

Clients needing any other type of account such as a LIRA, RESP, RIF, LIF, RSP, ForEx & CFD, corporate account, trust or partnership, etc. are encouraged to select from the Other account types drop-down menu. I won't go into details here for each one but the set-up process is similar.

PROMO CODE

Once you have selected all the account types you wish to open, the checkout box will look something like this with the chosen account types shown in green and listed down the right-hand side:

I have a personal referral code directly with Questrade that provides you with some VIP benefits and free trading commissions based on your usage. You will receive the better of $50 fee rebate OR free management on $10,000 for a year.

The message should appear as shown above the OPEN NOW button.

Note: the offer applies only to the FIRST listed account. If you selected the account types In the wrong order and wish to have the promo applied to a different account, simply click remove on each choice until the desired account is at the top of the list. THEN, add back the other required accounts in any order. The confirmation message underneath will show which account type will enjoy the discount.

My example shows what the selection window will look like for clients in Canada opening a trading account with these three options. Most clients will need an open funds Individual Margin trading account, an RRSP account, and a TSFA account. Choose any additional accounts that you might require and follow the registration prompts from there. If you missed any or need to add a new one in the future, simply return to this screen and add the new accounts.

SUBMISSION

To submit your choices, simply check the box

and then click on the button,

NOTE: If you get an error message about the promo code not being able to be applied at this time, refresh the page and start over because you took too long to complete the process and the system timed out.

Step 2: CREATE USER ID

If everything worked correctly you will see a message like this. If not, go back and start over to ensure you get the discount offer. Otherwise, click the green Continue button.

NEXT: Complete your First and Last name (as shown on your government ID), your email address, and your cell phone number (for text confirmations) or a landline number if you don't have a cell phone.

The following message will appear:

Enter the code that was sent to you and click VERIFY NOW. If you didn't receive the code, click the Resend code option.

THE NO CELL PHONE OPTION

If, as in my example, you used a phone number that cannot receive SMS text messages, click the Try another way option.

Select the best option, either receive a phone call on the number provided OR by the email submitted on the last step. If you wish, chose to edit the options by selecting Edit email and phone.

In my example I was not currently at the phone number to receive the call so I chose the Email my code option.

The email I received within 1 minute provided the one-time use code to verify the email. Enter that 6 digit number in the box shown above and click VERIFY NOW.

If you have entered it correctly, you will be presented with another screen like this to enter your desired user name and password. Click the CONTINUE button after ensuring both passwords match and follow the given criteria.

You should then be logged into the system and ready to begin providing some key pieces of information to setup your accounts.

EMAIL CONFIRMATION

The system will automatically send you this notice to verify that your account User ID was successfully created.

In your browser, the next screen you see will look something like this:

Step 3: COMPLETE YOUR PROFILE

Now that you are logged into the system, you are ready to begin providing some key pieces of information to setup your accounts.

Starting at the top from left to right, beginning with the Personal section, click the continue button to open the next popup window. Complete all of the information required in each section until all sections have been completed. There is no way around these steps as financial institutions are bound by regulations to prevent money laundering, report taxable transactions and allowable deduction limits, and to maintain your account security.

There is a lot of information required in these pages and you may need to pause to find some of it. Don't worry, you can always return to this page to resume where you left off another day. Once all the requirements have been submitted, the status bar will show complete.

Step 4: COMPLETE YOUR NEW ACCOUNTS

Now that you have verified who you are, you can begin to provide the key pieces of information to setup your chosen accounts.

You may start with any account and simply follow the instructions contained within each one until they have all been setup and funded with either cash deposits from your bank, or with transfers-in of securities or cash from another institutional trading account.

NOTE: Each account requires a minimum balance of $1000 before it becomes active and ready to trade.

There is a lot of information required in these pages also and you may need to pause to find some of it or to fund the account. You can always return to this page to resume where you left off another day. Once all the requirements have been submitted, the status bar will show complete on the account(s) and you will then be ready to place orders.

Who do I contact for assistance & advice?

First, if it is regarding a technical issue with the Questrade interface, contact the number below.

For helpful advice on navigating and using Questrade, you may contact Coach James through this site. He will answer your questions or direct you to the right place.

What’s next?

During the initial the process of funding each account, depending on the account type, it can take about 3 business days for the initial transfers and account linkage verifications to happen. In the case of some registered accounts like RESP's or pensions, it can take 30 days or longer for the funds to be released from your sending institution and to arrive in your trading account at Questrade.

However, once the monies arrive, THEN the real fun can begin!

Ordering Gold & Silver through Questrade

To order Gold & Silver coins, bars, bullion, or collectibles from The Wealth Coaches, you don't need to use your Questrade account to place the transaction. Simply contact your rep or Coach James to help you facilitate that order for direct delivery to you.

However, if you are purchasing precious metals within a REGISTERED account where personal delivery is NOT an option, or if you prefer to send your order to be stored in the secure custodial account at the Brinks facility for safekeeping, then we need to create one more linkage between Questrade and our bullion dealer, using a Dealer Authorization Form.

The section explains that process and provides a link to the current downloadable PDF form.

Dealer Authorization Form

This form is REQUIRED for all registered account types since you may not take physical possession of the metals without incurring tax withdrawal consequences. It is also needed if you wish to send your non-registered account holdings to the Brinks storage facility for safe keeping. Either way, when we place the order directly with the precious metals dealer using funds in your Questrade account, you must submit an written authorization form which allows the dealer to "pull" the funds from your account in the amount required to cover the purchase price, shipping, and storage fees for the first month.

DOWNLOAD, COMPLETE and RETURN this form to the Dealer.

We currently deal exclusively with Canada's leading A+ Better Business Bureau precious metals dealer, SilverGoldBull. Click the button below to download the form, complete it, scan or picture it, and then send a copy of it to both SGB and to james@thewealthcoaches.com for their records.

You need to complete one form for EACH account number you wish to authorize at Questrade. Once received, you are all ready to begin with your first order.

CONGRATULATIONS! You have successfully completed all the required setup steps to complete this course!

I wish you all the success with your future investments. Now you may place your first order.

Sincerely,

Coach James.