The Top Canadian Online Stock Brokers
Last Updated: August 1st, 2016
You aren't stuck having to trade with your bank or full service stock broker if you reside in Canada. There are other options.
You don't have to utilize extremely dated technology and suffer from extremely slow fills. You don't have to pay an arm and a leg for commissions, when there are much cheaper alternatives available to you.
You aren't stuck having to use Etrade Canada. You aren't stuck having to trade through your bank.
Here are two very viable options that you should definitely check out:
1. Questrade.ca. Questrade is a great online brokerage that is Canadian-owned and operated (they are based out of Toronto). I can honestly say that I never had a problem with them (I believe that I first opened my account with them in 2001). They have always handled my questions and concerns in a timely fashion, and I am very pleased with their trading software package. Their commission rates are reasonable. and I never had an issue with downtime or a bad fill. I have friends that are using their service as well. Here is what the Globe and Mail had to say about Questrade in an article titled "Investors, beware the shifting world of online trading fees" that was dated March 25th, 2016:
"Canada's low-cost leader for the mainstream investor who trades periodically is now Questrade, which declares on its website that it has Canada's lowest commissions, period".
Canadians, Questrade can handle all of your TFSA and RRSP needs - you can easily transfer your accounts over to their company, and they offer trading on practically every type of asset that you can think of - stocks, options, bonds, GICs, etc.
Questrade has a promotion ongoing in which they will give you up to $50 in free commissions when you open up an account. Take advantage of this promotion by clicking on this link and then entering MANUEL when prompted for a Questrade Promotional Code.
Click Here to Open an Account on Questrade Today!
-
2. Interactive Brokers. Interactive Brokers really started the trend of offering their customers rock-bottom commissions. The company has been around for years now, and is a publicly traded company. Their software package is very bare-bones, but that is a large part of their appeal - they forego the bells and whistles in order to offer their customers the very lowest in commission rates. They charge $0.01 per share, with just a $1.00 minimum. If you are a very active trader who trades 100-500 share lots in most situations, then you will save a small fortune by trading through IB. The company offers an IB "Universal" account, which allows customers to trade over 70 markets worldwide through just one account. Stocks, options, futures, forex, ETFs, bonds - you can do it all through your IB account. Interactive Brokers is very bare-bones, very customizable and very cheap.Interactive Brokers is a great company, but they are certainly geared more towards the more experienced trader/investor.
Remember - you aren't stuck with your current broker! Within a week you can be set up in a much better situation - one that gives you much better tools with which to trade and is much easier on your wallet.
Note: Always do your own research before signing up for an account. I have an affiliate relationship with Questrade.
Filed under: Stock Market Education
