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Email this6:52 am
January 3, 2013
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Anything better than Qtrade or Questrade? I am not so much into trading a lot / buying - selling but more into long term investment in registered accounts like TFSA / RESP / RRSP.
Also it seems the best ranked broker is http://www.virtualbrokers.com. And I found this list as well: http://www.moneysense.ca/inves.....rages-2014
10:43 am
December 23, 2011
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I have iTRADE. Not by choice as I first started with Trade Freedom at 9.95 per trade.....and was owned by BNS and was later merged into iTRADE at 24.99 per trade.......but some ETFS are free. So you never know where you end up once you start. I only do TFSA with them and there is no annual fees for the accounts and no minimum to avoid annual fees. I do very few trades and some are free so did not pursue to change. They continually improve the online site. I do know they have fees for RRSP accounts or a minimum balance to avoid fees. So my mix of mutual funds and ETFS they will accept makes them not a good choice for me to transfer my RRSPs to. I guess you could use more than one online brokerage that meets each need the best or one brokerage that meets most of your needs. I think you have to do your research in depth based in your needs. They usually respond to email inquires.......so start your questions and file the replies. If you are not doing a lot of trades then don't let the trade fee be a big deal as dividends will offset the fee.
BTW: 24.99 is not the lowest trade fee for an online brokerage but Manulife charges me 150.00 per trade.
12:20 pm
October 27, 2013
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Most discount brokerages have dropped account sizes for $10 (or less) trades to as low as 'no minimums'. Scotia iTrade specifically has a $50k minimum for non-frequent traders, and almost everything with Scotia counts in that $50k. From the website......
To qualify for commissions of $9.99 flat per Canadian or U.S. equities trade and $9.99 + $1.25/contract for each options trade, you must (i) execute at least 30 commission-generating trades within a calendar quarter or (ii) have a minimum of $50,000 in combined Scotia iTRADE account assets or (iii) have a minimum balance of $50,000 within products or accounts held across The Bank of Nova Scotia, Scotia iTRADE, ScotiaMcLeod®, The Bank of Nova Scotia Trust Company, 1832 Asset Management L.P., 1832 Asset Management U.S. Inc. and ScotiaMcLeod Financial Services Inc. and be registered for paperless documentation for all of your Scotia iTRADE accounts for all document types. Eligible accounts and products include the following: Mortgages, Lines of Credit, Credit Cards (Visa/AMEX), checking and saving accounts, personal loans, investment accounts (TFSA, RRSP, Non-Registered Accounts etc), GICs, mutual funds, non-corporate business accounts. The $50,000 minimum balance will be determined by deposits on file, investments and actual loaned funds.
Rob Carrick of the G&M also has a ranking of discount brokers. Each has its strength and weaknesses. Personally, I would stick to the big 5 unless being a very frequent trader. Outfits like VB provide a minimum of support and are probably best for the advanced investor. Be careful about being penny wise and pound foolish. Unless one is a frequent trader, $10 commissions mean nothing to buy and hold types.
1:05 pm
December 29, 2009
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I trade stocks 2 or 3 times a year. I deal with cibc investor edge and they charge 28.50 per trade. is there any other company out there where you trade once and a while 2 or 3 times a year and pay less fees on the buy and sell prices.28.50 to trade and 28.50 to sell trade at cibc
3:43 pm
December 23, 2011
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Brian said
CIBC Investor's Edge just recently dropped their fee "for everyone" to 6.95 per trade - no minimum balance required nor minimum trades. High volume traders pay even less.
Yas might be interested in CIBC in regards to no fees for RESP
More Ways to Save with CIBC Investor’s Edge
No administrative fees on RESPs and TFSAs
No additional charges on more than 2,000 mutual funds
No-fee dividend reinvestment plan
7:09 pm
January 3, 2013
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Thanks for the input. This CIBC offer sounds interesting. I wonder if they will increase it even more than before in couple months.
7:46 am
December 23, 2011
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Soon after CIBC reduced their rates, iTRADE began to advertise their less than attractive $4.99 rate....here is the fine print.
To qualify for commissions of $4.99 flat per Canadian or U.S. equities trade and $4.99 + $1.25/contract for each options trade, you must execute at least 150 commission-generating trades within a calendar quarter and you must be registered for paperless documentation for all of your Scotia iTRADE accounts for all document types.
8:43 am
October 27, 2013
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For the vast majority of investors who do 5-20 trades a year, even 50 trades a year (one a week), a $10 commission is just noise. All the discount brokers are doing with their 'low' commissions is trying to encourage and attract frequent trading. Can anyone other than a high volume trader imagine 150 trades a quarter?
8:55 am
December 23, 2011
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AltaRed said
For the vast majority of investors who do 5-20 trades a year, even 50 trades a year (one a week), a $10 commission is just noise. All the discount brokers are doing with their 'low' commissions is trying to encourage and attract frequent trading. Can anyone other than a high volume trader imagine 150 trades a quarter?
Exactly!!!!
Would $5 a trade create one to be a bit careless in their trades? $24.99 makes me ask myself.....have I researched this well enough before I buy?
1:58 pm
January 3, 2013
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So do you guys agree that CIBC iTRADE is the best option for now? I couldn't find any better rates anywhere else. If so, I am ready to jump into it and open a second TFSA / RESP. If I can get more than 3% by trading, I transfer my current 3% account to iTRADE.
7:31 pm
December 23, 2011
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The trading price is probably the best. You might want to verify if there are any other fees like ECN, minimum balance or withdrawal fees. What email, phone or website support or research is offered as well. Like some have said if you are not making a lot of trades and if they offer any free trades that match your needs it does not really matter if you pay 5 or 25 per trade. I am totally happy with iTRADE at 24.99 per trade. I buy The same ETF every month in our TFSA accounts commission free vs letting the dividends sit in the cash account not doing anything.
8:14 pm
December 23, 2011
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You might want to google more for best online brokerages in Canada and see what pros and cons are mentioned.
http://www.theglobeandmail.com...../?page=all
http://www.milliondollarjourne.....erages.htm
Perhaps check Money Sense too.
10:32 pm
October 27, 2013
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Yas said
So do you guys agree that CIBC iTRADE is the best option for now?
CIBC is Investors Edge and iTrade is Scotia iTrade
3:29 pm
February 22, 2013
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RBC Direct Investing charges $9.95 per equity trade executed over the Internet, no minimum account balance, no trade frequency requirement. Trades executed using one of their reps are higher priced.
GS
3:57 pm
December 29, 2009
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it is 6.95 a trade at cibc investors edge but u have to keep a minium of 10,000 in account or u will be charged a 100 dollar fee when cibc says they scan the account during the mouth of august every year.
4:25 pm
December 23, 2011
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ITRADE is 24.99 a trade, TFSA account has no fees or minimum balance. Some trades are free.
4:32 pm
October 27, 2013
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kanaka said
ITRADE is 24.99 a trade, TFSA account has no fees or minimum balance. Some trades are free.
Depends on account size. It can be $9.99 a trade (see my post upthread) or even $6.99 I believe for frequent traders. You need to put it in context.
4:39 pm
December 23, 2011
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Yes I should have added for a minimal trader the above applies.
9:54 am
December 29, 2009
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I forgot to say for cibc investors edge there is no 10k limit or 100.00 charge if your money is in tsfa. for non resistered they scan your bank account for the month of august to see if u have 10k invested but u can have zero balance for the other 11 months. but make sure 10 k in august
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