I currently do all my trading online with one of the big banks and have been quite satisfied with the services, research reports and functionality of their systems. However, I recently sent in an application to open a Questrade account. I plan on using this account to buy securities that I don’t plan to hold forever ie- any cyclicals.
For those of you that are looking into a discount DISCOUNT broker Questrade has the following 2 account options available.
1. $4.95 Plan – this plan charges $0.01 a share (minimum charge of $4.95 a trade).
2. $9.95 Plan – this plan charges $9.95 a trade for an unlimited amount of shares.
Personally I went with the $4.95 plan because I don’t really dabble in penny stocks and would rarely be buying over 500 or 1000 shares in one shot.
I’ll let you know what I think about the account once it’s setup.
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14 comments:
Does Questrade charge an inactivity fee?
Hey, here is a recent article I wrote about joining Questrade. Let me know if you want a referral.
(click on my site name).
re: money:
There are no inactivity/maintenance fees with Questrade.
Check out my review on discount brokerages in Canada by clicking on my site name.
Hi MillionDollarJourney,
I checked out your site and good work on the chart. A great resource for anyone wanting to open a new account.
Cheers,
MCM
I'm an exisitng QuesTrade user. Am wondering why you're only planning to hold short-term securites in this account? What about long-term stuff?
The one major draw back I see with QuesTrade is foreigh exchange. 1.25% in each direction is pretty steep. On a $10,000US trade (buy/sell), that's $250US lost on the spread. And yet, people concentrate on the $5 commissions, while ignoring the real costs.
I'm thinking of switching to Interactive Broker eventually, but I'm not in a hurry.
Good question Silverm,
I plan on using Questrade for shorter term securities simply because the commission is so much lower. My long term holds I’m going to keep with my big bank trading account for a few of reasons.
I feel more secure having the bulk of my assets with a big bank because if there ever was a problem with my account I know the service is good and there are actual branch locations I can go into and talk to someone. Additionally, they’ve been around forever and whether it’s rational or not I can sleep better having my assets in a big bank than in a very small startup, online only, trading company. I also never plan on selling most of my holding at the big bank so don’t mind paying an extra $20 to buy (for the piece of mind it brings me)
Cheers,
MCM,
http://middleclassmillionaire.blogspot.com/
Yup. I also have a good chunk in my "old" RBC Action Direct account.
Although it's true that you may not plan you sell, but you do plan to accummulate more shares, is that right? It's the accummulation that will hurt you, not selling.
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