Discount/Online Brokers
 

Hey guys,
I'm new to the stock market and was wondering which online broker you would recommend for beginners like me. I'm looking for brokerage houses with low commission rates as I'm only looking to test the waters right now. If anyone can point me in the right direction it'll be greatly appreciated. Thanks. :)

scotia itrade?

low commission = high volume
low volume = high commission

most banks are 29.95 or 9.95 with x number of trades per month
etrade / quest trade etc are 9.95 with x number of trades per month

Yeah I'm paying 29.95 which rapes me pretty bad. How many do u need with etrade? I'm using td right now
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What are the drawbacks of using something like quest trade? I'm thinking of switching

^ one big thing reason i dont use qtrade or anything small is, it requires me to put my money up front. Big 5 banks, i have 72 hours to settle my trade. SOMETIMES, i can flip it for a profit without using any of my money. i find that plus my low trading volume to stick with them.

I guess with quest trade that's the case but what about scotia itrade?
https://www.scotiaitrade.com/splash/Pricing08.shtml
19.99 works out to be quite a bit even if you only trade 10 stocks a quarter

Anyone being hit with ECN fees with their current broker? I read that questrade charges ECN fees if you do market orders on canadian stocks.

is there any risk with quest trade?

Also, I'll pay 9.99 with RBC if I do 10 trades/month...should I be happy with that?

$10 a trade is pretty much in line with all the other discount brokerages. Unless of course you place more than 150 trades a month, that will get you $7 a trade at Scotia iTrade. That is the lowest commission in Canada as far as I know.