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09-27-2010, 03:54 PM
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#1 | | 14 dolla balla aint got nothing on me!
Join Date: Sep 2008 Location: richmond
Posts: 676
Thanked 280 Times in 59 Posts
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| 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.  | 
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09-27-2010, 10:14 PM
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#2 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
Posts: 3,073
Thanked 69 Times in 47 Posts
Failed 11 Times in 6 Posts
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scotia itrade?
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09-27-2010, 11:01 PM
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#3 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,137
Thanked 2,069 Times in 867 Posts
Failed 642 Times in 183 Posts
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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
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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09-29-2010, 08:11 AM
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#4 | | F**K YOUR HEAD
Join Date: Apr 2009 Location: vancouver
Posts: 8,718
Thanked 8,153 Times in 1,251 Posts
Failed 643 Times in 181 Posts
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Yeah I'm paying 29.95 which rapes me pretty bad. How many do u need with etrade? I'm using td right now Posted via RS Mobile
What are the drawbacks of using something like quest trade? I'm thinking of switching
Last edited by ilvtofu; 09-29-2010 at 08:28 AM.
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09-29-2010, 09:45 AM
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#5 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,137
Thanked 2,069 Times in 867 Posts
Failed 642 Times in 183 Posts
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^ 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.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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09-29-2010, 05:57 PM
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#6 | | F**K YOUR HEAD
Join Date: Apr 2009 Location: vancouver
Posts: 8,718
Thanked 8,153 Times in 1,251 Posts
Failed 643 Times in 181 Posts
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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
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10-20-2010, 10:58 AM
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#7 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
Posts: 2,777
Thanked 1,045 Times in 419 Posts
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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.
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10-24-2010, 05:16 PM
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#8 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
Posts: 3,073
Thanked 69 Times in 47 Posts
Failed 11 Times in 6 Posts
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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?
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10-24-2010, 10:33 PM
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#9 | | WOAH! i think Vtec just kicked in!
Join Date: Oct 2005 Location: Vancouver
Posts: 1,650
Thanked 348 Times in 165 Posts
Failed 127 Times in 56 Posts
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$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.
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