This comparison is intended to show in one place, all the important information that someone who is looking for a discount brokerage would want to know — trading commissions, account fees etc. There are also links to more detailed individual brokerage reviews.
New to online investing? Learn how to buy an ETF or stock using a discount brokerage — step by step instructions. Learn how to sell an ETF or stock — step by step directions. As to how much you need in assets to negotiate — try it and find out for yourself. Here are some suggested negotiation areas:.
It would be nice to be able to put all the data onto a table for easy reference, but unfortunately nothing is that simple. There are so many conditional fees that I ended up putting some information on the table and also created a detail section for each brokerage below the table. Alternatively look for fields with links — and click on them for more information. If you click on that link, you will then be taken to the detailed trade commissions for Scotia iTrade where you can read how to qualify for the different trade commissions.
Click on the brokerage name to see the review. At this time, there are only a few completed, but I will be publishing more in the coming weeks. Please do not copy and paste the information in the tables to other websites. You are welcome to link to this page. Questrade has three currency settlement options for all registered accounts:. Note that IB only has non-registered accounts. Real time data plans. See it on Amazon now. I think around several minutes.
Beginners are likely to have more problems, especially when it comes to transferring between brokers. Curious, do any of the online trading companies listed in your article include access to purchasing the stocks found on the Austrulian Stock Exchange? If anyone offers that sort of thing, they will. Seashells — what is the new rate? Hey Mike great post. I am very excited and scared to start self directed investing.
I am at the point where I have an a small amount of money I am willing to risk and looking for a discount brokerage to start off with. I am however a rookie and do know about the companies I want to buy stock with but know nothing about the actual purchase of said stock ie which markets I can buy from etc.
Is there a good brokerage for dummies like me? Jayisnew — Questrade is best for small investors because of the fees. In your case, you need to spend some time learning first.
I am looking to trade on less mainstream exchanges for international trading. What is my best option? Also, safety of funds is my biggest concern. Any comments on the security of the smaller operations? Now QTrade is best by far. I then had Scotia for the bond a buck and commission free ETF. So, now QTrade gets my business Do the brokerages engage in hypothecation and re-hypothecation of the clients assets, if so what are their policies in this regard? I am a foreigner looking for a brokerage where I can trade the Canadian stock exchange in the name of a trust.
Any information you can help with would be most appreciated. I learned the hard way that you have to read the rules very carefully and some of the selection boxes are very confusing. I had trouble with Scotia i-trade since it was e-trade but it is getting worse. I had most of my money with Scotia McLeod, the fees were high but I had confidence in them. I am going to try some of the others to see which one suites me.
I learned never to have US and Canadian accounts with the same brokerage. One of the statements gives them the right to move money and charge the exchange fees even if you have funds in the same currency. Ca n you tell me which statement this is — I am curious as I have never assumed they would do this unless you lacked funds to settle a trade or pay a fee. As pointed out, researching all this information for the various brokerages is tedious.
I know TD Waterhouse does, but I think they are alone in that. Anyway great job laying out the comparison, very helpful. Thanks Mike for your comparison. I would love to read more about how do people like the different trading platforms.
I tried Quest Trade and did not like it. Does anybody have a comparison of platform fees? Scotia ITrade are introducing minimum account balances and annual fees for registered accounts. The deadline for existing clients was tomorrow but has been extended to Sept The comparison table needs updating.
Here is the information I was sent:. I did a lot of research and find them to be the best priced online trading firm in Canada. I confirm your comments on Scotia itrade fees. Has anyone used Credential Direct? Welcome comments on this idea…. Dark Helmet — The article was written a couple of years ago, but as the title suggests — I try to keep it up to date with regular updates.
Less than that amount means very high commissions at the bank brokerages. So far, VB has been an absolutely horrible experience. Most of the staff is incompetent. Phone wait times are huge. The trading platforms are messy, and some give you incorrect or incomplete information. The statements are bad. Trade rejections are commonplace, and they never tell you why. I was happily trading with Options Xpress but they transferred all their Canadian accounts to Virtual Brokers.
Their site is confusing and totally bewildering with 3 different plattforms. Takes forever to connect with someone on phone. I trade options strictly as stock substitutes exclusively employing puts and calls.
Anyone have a suggestion for a better alternative? Been with Virtual Brokers since the takeover of OptionsXpress. I am mostly an income investor. Dividends arrive several weeks late, if at all.
Requests to transfer funds to bank are ignored. It appears that once they have your money, they will never let you have it back! You will not be eligible to receive discounted re-investments or enhanced dividends offered by many companies. Kevin is spot on about Virtual Brokers. Your application will fall into a Black Hole. Does anyone knows which brokerage firms provide capital gains report for transactions? I am currently with Questrade but only get a summary of transactions.
I have heard some of the big banks offer complete capital gains reporting, is it only for high net worth clients? I have the same questions as Karen O. I have an account with Qtrade. My wife is RBC Direct. I was previously with questrade but left after seven different technical errors on their system cancelled my trades. Questrade is actually rated the lowest in the country in terms of customer satisfaction but people are attracted by their low prices.
Thank you for taking the time to keep the info current. F YI , in Feb , Morningstar web site ran an article on fees. One of the items mentioned was the ability to have some brokerages reduce or eliminate their additional currency exchange in house fees when you buy U. Stocks with Canadian dollars.. Dollar with another U. Can you clarify this process?
Can anyone suggest if any on these online brokers are good, VB and Optionshouse.More...